Combating Financial Terrorism in Marshall Islands: Regional Knowledge Exchange Program Underway
The United Nations Development Programme (UNDP) Pacific Office is facilitating a crucial initiative to strengthen the capacity of the Marshall Islands Financial Intelligence Unit (RMI FIU) in combating financial terrorism and money laundering. The program brings together AML/CFT supervisors from the RMI FIU with their counterparts from the Solomon Islands Financial Intelligence Unit (SIFIU) for a four-day mentoring program.
Enhancing Capacity
The knowledge exchange aims to enhance the capacity of the RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision. The focus areas include:
- Strengthening compliance
- Enhancing policy and supervision
- Knowledge exchange and collaboration
- Promoting regional cooperation in combating financial crime
Building on Success
This initiative builds on the success of previous regional knowledge exchanges supported by UNDP, including attachments between SIFIU officers with Papua New Guinea FIU and Cook Islands FIU. The program is part of the Pacific Anti-Corruption Project, implemented by UNDP and funded by the Government of the United Kingdom.
Regional Cooperation
According to Rustam Pulatov, Team Leader – Effective Governance and Inclusive Growth with UNDP Pacific:
“This initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing. Through sharing expertise and best practice, the project will strengthen the capacity of all Pacific Island countries to effectively tackle these challenges in our collective efforts to stamp out corruption and promote effective governance for all.”
Importance of Regional Financial Intelligence Units
British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward:
“This is a crucial time for Financial Intelligence Units across the Pacific. Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year, over one thousand times larger than Solomon Islands economy.”
Benefits of Exchange Program
Antonio Debrum, Compliance Officer with the RMI FIU:
“This exchange program will greatly assist in supporting future activity with my organization and improve current AML/CFT supervision practices.”
The program concludes on February 15. For further media inquiries, please contact Nick Turner, Communications and Advocacy Specialist, UNDP Pacific Office in Fiji at +679 971 6458 or nicholas.turner@undp.org.