Solomon Islands Launches Second National Risk Assessment to Combat Money Laundering and Terrorism Financing
Introduction
The Solomon Islands Financial Intelligence Unit (SIFIU) has launched its second National Risk Assessment (NRA) program to combat money laundering and terrorism financing. The six-month assessment aims to identify and mitigate risks associated with financial crimes in the country.
Launch of NRA Program
A one-day workshop was held at the IBS hotel on [Date] to mark the beginning of the NRA process. The workshop brought together stakeholders from both the public and private sectors, including government ministries, the Royal Solomon Islands Police Force (RSIPF), the financial sector, and the private sector.
Importance of NRA
The NRA is crucial in meeting international standards and obligations, said Governor Denton Rarawa of the Central Bank of Solomon Islands (CBSI). “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,” he emphasized.
Rarawa added that a credible reputation would also attract genuine investments into the country and deter scammers and fly-by-night investors. SIFIU Director Jimmy Sendersley reiterated the importance of the NRA, stating that it is crucial for joining the global effort in combating money laundering and terrorism financing.
Objectives of NRA
The objectives of the NRA are to:
- Identify new risks associated with financial crimes
- Improve the country’s anti-money laundering and combating financing of terrorism (AML/CFT) framework
- Guide stakeholders, particularly law enforcement agencies, in their efforts to combat financial crimes
Previous Experience
The Solomon Islands underwent its first NRA in 2009. This second assessment aims to build upon the previous experience and improve the country’s AML/CFT framework.
Upcoming Mutual Evaluation
The country is also set for its second Mutual Evaluation by the Asia-Pacific Group on Money Laundering (APG) in 2018.