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Marshall Islands Steps Up Efforts to Combat Financial Terrorism

The Marshall Islands has launched a series of initiatives to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) framework, as part of its commitment to meeting international standards set by the Financial Action Task Force (FATF).

APG Mutual Evaluation

In [Year], the FATF, in conjunction with the Asia/Pacific Group on Money Laundering (APG), conducted a mutual evaluation of the Marshall Islands’ AML/CFT framework. The assessment highlighted several areas for improvement, including the need to enhance its supervisory powers and improve the effectiveness of its financial intelligence unit.

Implementing Recommendations

In response to the APG’s recommendations, the Marshall Islands has taken steps to strengthen its AML/CFT regime. These measures include:

  • Improving customer due diligence requirements
  • Enhancing suspicious transaction reporting mechanisms
  • Increasing cooperation with international partners to combat terrorist financing

Strengthening International Cooperation

The Marshall Islands is also strengthening its international cooperation to combat financial terrorism by:

  • Signing agreements with several jurisdictions to share information and best practices in AML/CFT efforts
  • Working closely with regional organizations, such as the Pacific Islands Forum, to promote regional cooperation on AML/CFT issues

Enhancing Supervisory Powers

The Marshall Islands has also taken steps to enhance its supervisory powers over financial institutions by:

  • Granting greater powers to inspect and monitor financial institutions
  • Allowing for enforcement action against non-compliant entities

Next Steps

While progress has been made, the Marshall Islands recognizes that there is still much work to be done to fully implement its AML/CFT framework. The country plans to continue implementing recommendations from the APG mutual evaluation and strengthening its international cooperation efforts in the coming months.

Conclusion

The Marshall Islands’ efforts to combat financial terrorism demonstrate its commitment to protecting the global financial system from illicit activities. As a FATF member, the country is committed to meeting international standards and working with international partners to promote regional stability and security.