Financial Crime World

Financial Sanctions Enforcement Agencies in Solomon Islands Strengthen Regional Cooperation to Combat Financial Crime

In a bid to combat financial crime, the United Nations Development Programme’s Pacific Office has launched a knowledge exchange program between the Solomon Islands Financial Intelligence Unit (SIFIU) and its counterpart in the Republic of Marshall Islands. The initiative aims to strengthen the capacity of the Marshall Islands unit in conducting anti-money laundering (AML) and countering the financing of terrorism (CFT) supervision.

Strengthening Regional Cooperation

The four-day mentoring program, facilitated by UNDP, has brought together two AML and CFT supervisors from the Marshall Islands Financial Intelligence Unit for a peer-to-peer learning opportunity. The focus is on areas of mutual interest, including:

  • Strengthening compliance
  • Enhancing policy and supervision
  • Knowledge exchange
  • Collaboration
  • Promoting regional cooperation in combating financial crime

Building on Previous Successes

This program builds on the success of previous regional knowledge exchanges supported by UNDP, which have seen Solomon Islands officials participate in attachments with Papua New Guinea and Cook Islands. The initiative further underscores the Pacific Anti-Corruption Project’s ethos of pursuing North-South exchange to strengthen regional capacity in supervising AML/CFT throughout the Pacific.

Quotes

  • “This initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing.” - Rustam Pulatov, Team Leader - Effective Governance and Inclusive Growth with UNDP Pacific
  • “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.” - Rustam Pulatov, Team Leader - Effective Governance and Inclusive Growth with UNDP Pacific
  • “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. Regulation needs to be tough to prevent illegal flows and smart to ensure these regimes don’t exclude people from the financial system.” - Thomas Coward, British High Commissioner to Solomon Islands and Nauru
  • “This exchange will greatly assist in enhancing our knowledge and expertise on risk-based supervision practices, and we look forward to putting this newfound knowledge into practice with our work across the RMI.” - Antonio Debrum, Compliance Officer with the Marshall Islands Financial Intelligence Unit

Program Objectives

The program is part of UNDP’s Pacific Anti-Corruption Project, supported by the Government of the United Kingdom. It aims to strengthen regional financial intelligence units in their efforts to combat financial crime and promote effective governance throughout the Pacific.

Note: RMI stands for Republic of Marshall Islands.