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Samoa Enhances Compliance and Risk Assessment Tools for Financial Sector Supervision

Date: May 2024 - April 2025

The Pacific Financial Technical Assistance Centre (PFTAC) has launched a comprehensive program to strengthen compliance and risk assessment tools for financial sector supervision in Samoa. The initiative aims to enhance the country’s ability to monitor and manage financial risks, improve financial stability, and promote economic growth.

Objectives

  • Develop and strengthen banking regulations and supervision frameworks
  • Review prudential standards on capital and liquidity requirements
  • Compile a full set of General Government Fiscal Sector (GFS) tables
  • Enhance the compilation and dissemination of real sector statistics, including national accounts and supply and use tables
  • Develop stronger analytical skills and better macroeconomic forecasting and policy analysis capacity

Areas of Focus

Macroeconomic Programming and Analysis

  • Enable policymakers to make informed decisions and communicate effectively with stakeholders
  • Strengthen analytical skills and macroeconomic forecasting and policy analysis capacity

Public Financial Management

  • Improve identification, monitoring, and management of fiscal risks
  • Extend the use and coverage of fiscal risk tools
  • Develop a comprehensive framework for analyzing and managing specific fiscal risks

Corporate Priorities

  • Enhance corporate priorities through effective risk management, including compliance risk management and data analysis
  • Analyze the impact of tax processing systems on organizational arrangements, people, processes, and systems to inform change management planning

Expertise and Support

A total of 96 person-days of expertise from PFTAC resident advisors and ST experts have been committed for the period May 2024 - April 2025. The activities include targeted outcome-based missions and activities that are aligned with the country’s development priorities.

Conclusion

This initiative will enhance Samoa’s ability to supervise and regulate its financial sector, manage fiscal risks, and promote economic stability and growth. With a strong focus on compliance and risk assessment tools, Samoa is well-positioned to improve its financial stability and drive economic growth.