Solomon Islands Financial Sanctions Enforcement Agency Launches Major AML/CTF National Risk Assessment Program

The Solomon Islands Financial Intelligence Unit (SIFIU) has launched a major Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) National Risk Assessment (NRA) program, which is expected to take up to six months to complete. The program kicked off on Monday this week and requires cooperation from both the private and public sectors.

Workshop Held at IBS Hotel

A one-day workshop was held at the IBS hotel on Wednesday, conducted by an Asian Development Bank consultant and financial intelligence expert, Neil Jen Sen, with support from SIFIU officials and the Central Bank of Solomon Islands (CBSI).

Importance of NRA

In opening the workshop, CBSI Governor Denton Rarawa highlighted the importance of the NRA in mitigating current risks associated with money laundering and terrorism financing activities worldwide. Despite being one of the smaller nations in this area of work, Rarawa emphasized that conducting the NRA will help meet compliance requirements under international standards or obligations, enhancing the country’s reputation and credibility globally.

“If we have robust frameworks and systems and enforcement mechanisms in place, it will enable us to comply with our international obligations in the global fight against money laundering and terrorism financing. This will enhance our reputation and credentials as a small country committed to fighting money laundering and terrorism financing despite the limited human and financial resources we have.”

SIFIU Director’s Remarks

SIFIU Director Jimmy Sendersley also reiterated the importance of the NRA, emphasizing its crucial role in joining global efforts in combating money laundering and the financing of terrorism and proliferation activities. He noted that the NRA is currently a top priority under the FATF recommendations.

Stakeholders Attend Workshop

Stakeholders who attended the workshop included government ministries, the Royal Solomon Islands Police Force (RSIPF), the financial sector, and private sector representatives. The outcomes of the workshop will be compiled into a report to be used by stakeholders, particularly law enforcement agencies.

Upcoming Mutual Evaluation

Solomon Islands is set to undergo its second Mutual Evaluation by the APG in 2018.