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Best Practices for Banks in Solomon Islands to Combat Money Laundering and Terrorist Financing

The Financial Action Task Force (FATF) has been assessing the efforts of countries worldwide to combat money laundering and terrorist financing. The Solomon Islands, a Pacific nation, recently underwent a mutual evaluation in 2019, highlighting areas where its financial institutions can improve their practices.

Assessing Risk and Applying a Risk-Based Approach

Banks in the Solomon Islands are encouraged to assess risks accurately and apply a risk-based approach to mitigate threats. This involves:

• Identifying high-risk customers and transactions
• Implementing effective controls to prevent money laundering and terrorist financing

National Cooperation and Coordination

The country’s financial institutions must cooperate with law enforcement agencies and other relevant authorities to share information and coordinate efforts to combat money laundering and terrorist financing.

Money Laundering Offence

The Solomon Islands’ laws criminalize money laundering, and banks are expected to:

• Report suspicious transactions
• Provide information to the relevant authorities

Confiscation and Provisional Measures

Banks in the country must be prepared to:

• Confiscate assets involved in money laundering or terrorist financing
• Freeze funds under investigation

Terrorist Financing Offence

The Solomon Islands’ laws also criminalize terrorist financing, and banks are expected to:

• Report suspicious transactions
• Provide information to the relevant authorities

These best practices for banks in the Solomon Islands aim to ensure a robust anti-money laundering and counter-terrorism financing framework, protecting the country’s financial system from illegal activities.