Financial Crime World

Central Bank of Samoa: Guardian of Samoa’s Financial Sector

The Central Bank of Samoa, established under the Central Bank of Samoa Act 2015, is the primary institution responsible for safeguarding Samoa’s financial sector. Here are its key functions:

Regulating Monetary Policy

  1. Managing Monetary Supply: The Central Bank manages the monetary supply in the Samoan economy, ensuring its availability while regulating its international exchange to preserve stability.

Advising the Government

  1. Advising the Government on Banking and Monetary Matters: The Central Bank acts as a valuable advisor to the Samoan government on crucial banking and monetary issues.

Promoting Monetary Stability

  1. Promoting Monetary Stability: Through promoting internal and external monetary stability, the Central Bank guarantees the health of Samoa’s financial system.

Fostering a Robust Financial Infrastructure

  1. Encouraging a Solid Financial Structure: The Central Bank plays a crucial role in fostering a robust financial infrastructure in Samoa.

Balanced Economic Development

  1. Optimizing Credit and Exchange Conditions: The Central Bank seeks to create favorable credit and exchange conditions that encourage balanced economic development.

Supervising Financial Institutions

  1. Supervising Banking Business and Extending Credit: The Central Bank’s supervisory role ensures the conduct of banks and financial institutions in Samoa is transparent and trustworthy.

Preventing Money Laundering

  1. Implementing Anti-Money Laundering Strategies: The Central Bank enforces and implements measures against money laundering in collaboration with other international regulatory bodies. Under the Money Laundering Prevention Act 2007, the Central Bank is the primary supervisor for preventing money laundering in Samoa.

  2. Overseeing Financial Regulations: The Central Bank oversees the enforcement of the Financial Institutions Act 1996 and the Money Laundering Prevention Act 2007. These consolidated legislations, which include all amendments and most recent updates, serve as the governing documents for the Bank and financial sector in Samoa. This ensures that the most comprehensive and up-to-date regulations are being enforced.

In summary, the Central Bank of Samoa plays a central role in safeguarding Samoa’s financial system through its various functions, including regulating monetary policy, preventing money laundering, and supervising the financial sector.