Solomon Islands Financial Intelligence Unit Boosted with Video Conferencing Equipment from AUSTRAC

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The Central Bank of Solomon Islands (CBSI) Financial Intelligence Unit (FIU) has received a significant boost in its fight against financial crime, thanks to a generous gift from AUSTRAC, the Australian Government agency responsible for detecting, deterring and disrupting criminal financial activities.

Enhancing International Collaboration

AUSTRAC’s provision of video conferencing equipment will enable the Solomon Islands FIU to participate more effectively in virtual meetings, international forums, training sessions, webinars, and remote technical assistance. This will enhance the unit’s ability to work effectively with its international counterparts, including AUSTRAC, and respond more quickly to emerging threats.

Countering Financial Crime Threats

AUSTRAC recognizes that the ongoing COVID-19 pandemic has exacerbated the challenges of money-laundering, terrorism financing, cyber-crime, and serious organized crime in the Solomon Islands. The agency is working to support the country’s efforts to address these threats, which are critical to promoting a secure and sustainable growth of the Solomon Islands’ financial sector.

Collaboration Key to Success

At a recent gifting ceremony, Counsellor Economic Andrew Schloeffel emphasized the importance of collaboration between AUSTRAC and the CBSI FIU in combating financial crime. “The global pandemic continues to be a period of economic upheaval and one that people involved in financial crime will continue to take advantage of,” he said. “This adds to the importance of Australia and Solomon Islands working together on anti-money laundering, counter-terrorism financing, narcotics trafficking, and anti-corruption measures.”

Equipment Enhances FIU’s Capabilities

CBSI Governor Dr Luke Forau thanked AUSTRAC for its support, saying that the equipment comes at a crucial time for the CBSI FIU. “Our officers will be better placed to face the disruptions of the COVID-19 pandemic and continue collaboration and communication with AUSTRAC and other Pacific partners across the region,” he said.

Partnership Supports Pacific Region

The partnership between AUSTRAC and the CBSI FIU dates back several years and is a testament to the importance of collaboration in combating financial crime in the Pacific region. The video conferencing equipment is expected to enhance the Solomon Islands FIU’s ability to work effectively with its international counterparts, including AUSTRAC, and respond more quickly to emerging threats.

Conclusion

The provision of video conferencing equipment by AUSTRAC to the Solomon Islands FIU is a significant step forward in the fight against financial crime. The partnership between AUSTRAC and the CBSI FIU demonstrates the importance of collaboration in addressing these challenges and promoting a secure and sustainable growth of the Solomon Islands’ financial sector.