Financial Crime World

FIU Cracks Down on Offences Under Money Laundering Prevention Act

Strengthening Fight Against Financial Crimes

In a bid to strengthen its fight against financial crimes, the Financial Intelligence Unit (FIU) has been conducting onsite inspections of financial institutions, sharing intelligence with international partners, and providing training to stakeholders.

Onsite Inspections and Compliance

According to a recent report, the FIU conducted onsite inspections for 12 Money Transfer Operators (MTOs) from November 2022 to February 2023. The results showed a significant improvement in compliance with Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regulations.

  • Some MTOs were commended for their excellent job in enhancing their AML/CFT programs.
  • Others were recommended to address minor issues.
  • The FIU plans to conduct onsite inspections for commercial banks early next year.

International Collaboration

The FIU has been collaborating with international partners to combat money laundering and financing of terrorism. Some notable partnerships include:

  • Asia Pacific Group (APG), which assesses Samoa’s compliance with AML/CFT standards.
  • Egmont group, a network of 159 Financial Intelligence Units that provides a forum for exchanging information confidentially to combat financial crimes.

Refresher Trainings and Capacity Building

In recent months, the FIU:

  • Received three requests through Egmont and made seven requests to other countries.
  • Conducted refresher trainings on its STR database system for MTOs.
  • Will conduct similar training for commercial banks next year.
  • Provides AML/CFT training and compliance training for financial institutions and law enforcement agencies.

Gratitude and Acknowledgement

The FIU would like to express its gratitude to international donors and technical assistance providers, including:

  • Asia Pacific Group on Money Laundering
  • International Monetary Fund
  • Asian Development Bank
  • United Nations on Drugs Control and Crime Prevention
  • Among others

for their support in strengthening its capacity to combat financial crimes.

Ongoing Efforts

As part of its ongoing efforts, the FIU continues to offer awareness and training programs for stakeholders, highlighting the importance of preventing money laundering and financing of terrorism.