Fiji looses an estimated $100 million each year through tax evasion and money laundering, thus the need for stricter laws.

Interim Minister for Justice Aiyaz Sayed-Khaiyum in addressing participants at the first Anti-Money Laundering Conference today at the Holiday Inn said this figure is 1.5% of our Annual Gross Domestic Product or GDP.

Sayed-Khaiyum added though this figure compared to other countries is relatively low as the global estimated threshold is 2-4.8% of a country's GDP, Fiji should not be complacent.

Fiji Intelligence Unit Director Razim Buksh said this figure is worrying as Fiji is really prone to exploitation by other countries through illicit drug trade and shady schemes.

Buksh also added Fiji in particular has been a victim of money laundering over the past 10 years and with the recent establishment of FICAC and of FIU, a lot of cases have been successfully persecuted a major case being the $1 billion drug bust in Laucala Beach in 2004 where perpetrators where brought to justice.

According to Sayed-Khaiyum and Buksh, the private sector referring to financial institutes like banks and insurance companies need to be more pro-active and assist the Intelligence Unit and FICAC.

The Anti Money Laundering Conference ends this afternoon.