Financial Crime World

KIRIBATI: Anti-Money Laundering Policies Under Spotlight as International Experts Gather

In a significant move towards strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) frameworks, Kiribati hosted an inaugural Public/Private Sector Dialogue Forum last week. The event, supported by the United Nations Office on Drugs and Crime (UNODC), brought together 15 representatives from various government agencies, financial institutions, and law enforcement bodies to share information and best practices.

Forum Highlights Need for Robust Information-Sharing Networks

The forum held in Tarawa, Kiribati, highlighted the need for robust information-sharing networks among government bodies, financial intelligence units, law enforcement agencies, and the private sector. This is an area that still requires significant development in many jurisdictions, including Kiribati.

Financial Intelligence Units Play Crucial Role

Financial Intelligence Units (FIUs) play a crucial role in AML/CFT efforts by swiftly disseminating critical intelligence to law enforcement entities. The Kiribati FIU, as the coordinating agency for AML/CFT efforts, has been actively fostering domestic coordination with key counterparts and the forum provided an opportunity to extend these networks.

Key Takeaways from the Forum

  • Appreciation for the importance of AML/CFT efforts in combating corruption, drug trafficking, and other predicate offenses linked to money laundering.
  • Need for enhanced trust building among stakeholders and consideration of additional measures to strengthen information-sharing arrangements.
  • Recognition of the importance of Suspicious Transaction Reports detection and reporting to the FIU.

Strengthening Information Sharing Arrangements

Participants agreed that consideration should be given to including additional stakeholders in the AML/CFT Coordinating Committee and agencies having a fresh look at their policies on information-sharing arrangements.

Kiribati’s Commitment to International Standards

The Kiribati Police Force welcomed the UNODC’s support in organizing the forum, recognizing its importance in implementing AML/CFT measures that adhere to international standards. The country is an observer with the Asia Pacific Group on Money Laundering and hopes to implement necessary framework and requirements to obtain full membership like other Pacific jurisdictions.

Future Dialogue Sessions

The UNODC looks forward to facilitating further dialogue sessions with public and private sector agencies on AML/CFT coordination in Kiribati and other Pacific jurisdictions to strengthen information sharing arrangements among key integrity institutions.