American Samoa’s Anti-Money Laundering Rules Under Scrutiny

A recent evaluation of American Samoa’s anti-money laundering (AML) regulations has revealed that the country is largely compliant with international standards, but there are still areas that require improvement.

Compliance and Non-Compliance Areas

According to the report, American Samoa received high marks for its efforts to prevent money laundering and terrorist financing in several key areas:

Assessing Risk and Applying a Risk-Based Approach: The country was found to be compliant with international standards in this area.
National Cooperation and Coordination: American Samoa’s national cooperation and coordination efforts were also deemed compliant.
Targeting Financial Sanctions Related to Terrorism and Terrorist Financing: The country received praise for its efforts to confiscate criminal assets and freeze terrorist-related funds.

However, there are some areas where American Samoa fell short of international standards:

Financial Institution Secrecy Laws: The country was found to be non-compliant in regards to financial institution secrecy laws.
Regulation and Supervision of Financial Institutions: American Samoa’s regulation and supervision of financial institutions were deemed partially compliant.
Reporting of Suspicious Transactions: The country’s reporting of suspicious transactions was also partially compliant.
Powers of Supervisors: American Samoa’s powers of supervisors were deemed partially compliant.

Recommendations for Improvement

The evaluation highlighted the importance of improving cooperation between law enforcement agencies and financial institutions to effectively combat money laundering and terrorist financing. To strengthen its anti-money laundering regime, American Samoa is encouraged to:

Implement stricter measures to prevent the misuse of shell companies and other anonymous entities.
Improve national cooperation and coordination efforts.

Conclusion

While American Samoa has made significant progress in implementing AML regulations, there is still work to be done to bring the country fully into compliance with international standards. The government has been advised to prioritize these areas and take steps to improve its anti-money laundering regime.