Financial Intelligence Unit Assists Law Enforcement Agencies and Conducts Due Diligence Checks

The Samoa Financial Intelligence Unit (FIU) has been actively working with law enforcement agencies to investigate and prevent financial crimes, including money laundering and terrorist financing.

Collaboration with Law Enforcement Agencies

According to the FIU’s recent report, one request was received from law enforcement agencies during the reviewed period. Additionally, 20 requests were received from other government ministries for due diligence checks or background checks on individuals or companies.

Intelligence Assessment Reports (IAR)

The FIU disseminated 13 Intelligence Assessment Reports (IAR) to police and other law enforcement agencies, which relate to predicate offences such as tax avoidance and fraud. These reports are used by the agencies to further investigate and take action against suspected criminal activity.

Due Diligence Checks

In addition to its work with law enforcement agencies, the FIU conducted a total of 71 due diligence and background checks for financial institutions, government ministries, and other competent bodies. These checks are designed to screen companies and individuals for any potential links to serious offences, money laundering, or terrorist financing.

Onsite Examinations

The FIU also performed onsite examinations of financial institutions to ensure compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The inspections were conducted in September and October 2021, and all commercial banks were found to be compliant with AML/CFT requirements. Inspections of money transfer operators are ongoing.

Meetings with Financial Institutions

The FIU also held regular meetings with financial institutions’ compliance officers to provide updates and share best practices on AML/CFT matters.

The FIU collaborates with international bodies, including the Asia-Pacific Group (APG), to implement FATF standards and exchange information and intelligence to combat money laundering and terrorist financing. The FIU also works closely with foreign financial intelligence units to share information and best practices.

Conclusion

In conclusion, the Samoa Financial Intelligence Unit plays a critical role in supporting law enforcement agencies and preventing financial crimes in Samoa. Its work includes conducting due diligence checks, disseminating intelligence reports, and performing onsite examinations of financial institutions. The FIU’s international cooperation and information sharing efforts also contribute to its effectiveness in combating money laundering and terrorist financing.