All government ministers and parliamentarians income will now be closely monitored by commercial banks next year.
The Financial Reporting Act is now under review to allow this to take place.
Fiji Financial Intelligence Unit Director Nazim Buskh says it is all about keeping senior government officials accountable.
The Financial Reporting Act is under review to meet current international standards.
“The commercial bank, financial institution including lawyers and accountant will now hopefully offer the proposal once it goes to cabinet it will allow this institution to scrutinize our own selves all MP’s, all Ministers, all high ranking government officials will be subject to a high level of scrutiny as they conduct transaction in Fiji,” Buksh said.
FIU has made these changes for transparency and accountability purposes.
” Basically Saneem or myself want to engage in Financial transaction because we are people in authority we rule on important decision there has to be high level of financial accountability and that will be implemented by FIU hopefully in 2017″
Any established companies that MPs, Ministers or high government officials are involved in need to be declared.
This means that any shareholder, director or anyone that benefits from this company will have to declare their interest.
The current review of the Financial Reporting Act will be handed to cabinet for their approval.