SAMOA TIGHTENS GRIP ON MONEY LAUNDERING, TERRORIST FINANCING AND PROLIFERATION FINANCING

Crackdown on Illicit Funds in Samoa

Apia, Samoa - The Samoa government has launched a crackdown on money laundering, terrorist financing, and proliferation financing to disrupt the flow of illicit funds and prevent these criminal activities from flourishing in the country.

Financial Institutions Struggle with Detection and Reporting

According to sources, financial institutions in Samoa have been struggling to detect and report suspicious transactions, resulting in significant losses due to the resources required for detection and reporting. Moreover, some institutions have even been found to be actively engaging in money laundering and sanctions avoidance for profit.

Money Laundering Prevention Task Force Training

To combat this issue, agencies of the Money Laundering Prevention Task Force will receive training on money laundering, terrorist financing, and proliferation financing to better understand these criminal activities and identify potential risks. This training will enable them to:

• Detect and prevent money laundering, terrorist financing, and proliferation financing
• Identify high-risk areas where illegal activities are more likely to occur

Collaboration with Financial Institutions

The task force will work closely with financial institutions to detect and prevent money laundering, terrorist financing, and proliferation financing. This includes providing assistance to entities regulated by the authorities to help them detect these illegal activities.

Regular Review of Intelligence and Disruption Measures

Agencies of the task force will regularly review intelligence on suspicious transactions and take steps to disrupt and deter criminal activity. They will also actively search their own data holdings for indicators of money laundering, terrorist financing, and proliferation financing and share this information with other agencies to facilitate disruption and prevention.

Emphasis on Testing and Correction

The Samoa government has emphasized the importance of regular testing and correction of its anti-money laundering (AML), counter-terrorist financing (CTF), and counter-proliferation financing (CPF) systems. This includes:

• Documenting testing procedures, corrective measures, and results of follow-up testing to ensure effectiveness
• Targeting facilitators of money laundering for more cost-effective disruption

Prioritizing High-Risk Areas

The authorities have identified high-risk areas where money laundering activities are more likely to occur and will prioritize their efforts in these areas. Regular assessments of ML/TF/PF risks will be conducted to ensure that resources are targeted effectively.

International Support

The Samoa government’s efforts to combat money laundering, terrorist financing, and proliferation financing have been welcomed by international organizations, including the Financial Action Task Force (FATF).

“We recognize that preventing money laundering, terrorist financing, and proliferation financing requires a coordinated effort from all stakeholders,” said a senior government official. “We are committed to working with financial institutions, regulatory bodies, and law enforcement agencies to disrupt and deter these criminal activities and protect the integrity of our financial system.”