Financial Crime World

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Samoa Financial Intelligence Unit Shares Insights into One Coin Case Investigation

The Samoa Financial Intelligence Unit (FIU) has released a report detailing its efforts in investigating the notorious One Coin case, which involves allegations of fraud and money laundering.

Investigation Efforts

According to the report, the FIU disseminated 13 intelligence assessment reports (IARs) to law enforcement agencies and other authorities during the review period, relating to predicate offenses such as forgery and fraud. The IARs were also shared with foreign Financial Intelligence Units (FIUs) for information and intelligence purposes.

Due Diligence and Background Checks

The FIU conducted due diligence and background checks on 115 requests from financial institutions, competent authorities, and internal departments of the Central Bank of Samoa (CBS) between July 2019 and June 2020. The purpose of these checks was to screen the legitimacy of companies or individuals and identify potential matches with serious offenses under the Money Laundering Prevention Act.

Supervision Efforts

The report highlights the FIU’s supervision efforts, which include regular on-site examinations of financial institutions to ensure compliance with the Money Laundering Prevention Act. The FIU cooperates with law enforcement agencies and foreign FIUs in investigations, prosecutions, or proceedings relating to serious offenses under the act.

Collaboration and Cooperation

In addition, the FIU organized regular meetings for Compliance Officers from financial institutions to provide updates, share ideas, and discuss challenges concerning anti-money laundering (AML) and combating the financing of terrorism (CFT) matters. The report underscores the importance of cooperation and collaboration in implementing the Financial Action Task Force (FATF) standards. The FIU works closely with various bodies and partners, including the Asia-Pacific Group on Money Laundering (APG), to exchange information and intelligence in the effort to combat money laundering and counter terrorism financing.

Entities Categorized as Financial Institutions under the MLP Act 2007

  • Commercial Banks
  • Money Transfer Operators
  • Trust or Company Service Providers (TCSP)
  • Lawyers
  • Accountants
  • Casinos
  • Insurance Businesses
  • Credit Unions
  • Real Estate Agents
  • Virtual Currency
  • Non-Profit Organizations

Conclusion

The One Coin case has been a subject of concern for authorities in Samoa and beyond, with allegations of fraud and money laundering involving millions of dollars. The FIU’s efforts to investigate the case and share insights into its findings are crucial in bringing perpetrators to justice and protecting the financial system from illegal activities.

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