Financial Crime World

Here is the converted article in markdown format:

Money Laundering Prevention Strategies Discussed at Kiribati Forum

Tarawa, Kiribati - October 4, 2023

A Public/Private Sector Dialogue Forum aimed at enhancing Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) domestic coordination was held in Tarawa, Kiribati. The forum was supported by a combined technical assistance from the UNODC Pacific Anti-Corruption Programme and the UNODC Global Programme against Money-Laundering (ML), Proceeds of Crime (POC), and Financing of Terrorism (FT).

Key Participants

The event brought together 15 representatives from various agencies, including:

  • Kiribati Police Force
  • Kiribati Financial Intelligence Unit
  • ANZ Bank
  • Kiribati Insurance Corporation
  • Public Service Office
  • Kiribati Tax Office
  • Kiribati Customs Office
  • Ministry of Foreign Affairs & Immigration Office

Forum Highlights

The forum highlighted the need for:

  • Robust information-sharing networks among government bodies, financial intelligence units, law enforcement agencies, and the private sector.
  • The pivotal role of Financial Intelligence Units (FIUs) in swiftly disseminating critical intelligence to law enforcement entities.

The Kiribati FIU has been taking an active stance to foster domestic coordination with key counterparts. Key takeaways from the forum included:

  • Appreciation for the importance of Suspicious Transaction Reports detection and reporting.
  • Enhanced networking among stakeholders.
  • Consideration of inclusion of additional stakeholders in the AML/CFT Coordinating Committee.
  • Agencies having a fresh look at their policies on information sharing arrangements.

Welcome Remarks

Deputy Commissioner for Strategy and Reform at Kiribati Police Service, Mr. Reetaake Takabwere, acknowledged the efforts of the Kiribati FIU in engaging with domestic and international counterparts to implement relevant AML/CFT measures in Kiribati. He expressed gratitude to UNODC for organizing the forum.

Secretary of Public Service Office (PSO), Ms. Ritite Tekiau, also delivered welcome remarks, emphasizing the importance of implementing anti-corruption efforts to align with anti-money laundering efforts. She acknowledged UNODC as a trusted partner in supporting the development and implementation of Kiribati’s National Anti-Corruption Strategy.

Expected Outcomes

The forum is expected to facilitate further dialogue sessions between public and private sector agencies on AML/CFT coordination in Kiribati and other Pacific jurisdictions, aimed at strengthening information sharing arrangements among key integrity institutions to combat money laundering and associated predicate crimes including corruption.