Financial Crime World

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Financial Intelligence Units in American Samoa Face Scrutiny

A recent report has highlighted the progress made by American Samoa in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations.

Assessment of Risk and Implementation

According to the report, American Samoa has made significant strides in assessing risk and applying a risk-based approach, with a rating of Partially Compliant (PC). The island nation has also shown improvement in national cooperation and coordination, earning a similar rating.

Areas for Improvement

However, there are areas where American Samoa needs to improve:

  • Implementation of measures to confiscate and provisionally freeze assets related to money laundering and terrorist financing is considered Non-Compliant (NC)
  • Efforts in implementing targeted financial sanctions related to proliferation are deemed Non-Compliant

Compliance in Other Areas

In other areas, such as:

  • Customer due diligence: American Samoa has demonstrated compliance (C)
  • Record keeping and internal controls: American Samoa has also shown compliance (C)
  • Financial intelligence unit reporting suspicious transactions and providing guidance and feedback: the country’s financial intelligence unit is considered Largely Compliant (LC)

Recommendations for Improvement

The report highlights several areas where American Samoa needs to improve:

  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • Mutual legal assistance
  • Statistics and international cooperation

Conclusion

Overall, the report indicates that while American Samoa has made significant progress in implementing FATF Recommendations, there is still much work to be done to achieve full compliance.