Financial Crime World

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Solomon Islands Tackles Money Laundering Methods in National Risk Assessment

Introduction

HONIARA, Solomon Islands - The Solomon Islands Financial Intelligence Unit (SIFIU) has launched a major National Risk Assessment (NRA) program to strengthen its anti-money laundering and combating financing of terrorism (AML/CFT) framework.

Background

The six-month exercise aims to identify and mitigate current risks associated with money laundering and terrorism financing activities in the country. A one-day workshop was held at IBS hotel on Wednesday, conducted by Asian Development Bank consultant Neil Jen Sen and supported by SIFIU officials and the Central Bank of Solomon Islands (CBSI).

Importance of NRA

Key guest speaker and CBSI Governor Denton Rarawa highlighted the importance of the NRA in mitigating current risks associated with money laundering and terrorism financing activities worldwide.

“If we have robust frameworks and systems and enforcement mechanisms in place, it will enable us to comply with our international obligations in the global fight against money laundering and terrorism financing.” - CBSI Governor Denton Rarawa

Priorities and Objectives

SIFIU Director Jimmy Sendersley emphasized the importance of the NRA, which is currently number one on the priority listing under the Financial Action Task Force (FATF) recommendations.

  • The outcomes of the workshop will be put together in a report to be used by stakeholders, particularly those under law enforcement agencies.
  • The Solomon Islands has had one NRA in 2009 and this exercise is the second one the country is going through.
  • Stakeholders who attended the NRA workshop included government ministries, Royal Solomon Islands Police Force (RSIPF), financial sector representatives, and those from the private sector.

Expected Outcomes

The successful completion of this NRA program will not only enhance the reputation and credibility of the Solomon Islands but also attract more genuine investments to the country while scaring away carpet baggers, scammers, and fly-by-night investors.