Solomon Islands’ Progress in Fight Against Financial Crimes: A Look at Their Anti-Money Laundering and CFT System

The Pacific island nation of Solomon Islands has made significant strides in strengthening its financial system by joining the Asia/Pacific Group on Money Laundering (APG) in May 2007. Since then, the government has been actively working to develop a robust anti-money laundering (AML) and countering the financing of terrorism (CFT) framework.

Enactment of AML Laws

The Solomon Islands legislature enacted AML laws that cover serious offenses, an essential step in preventing financial crimes. This legislation plays a pivotal role in keeping ill-gotten gains out of the local economy and financial institutions.

Key Features of the AML Legislation

• Covers serious offenses to prevent financial crimes
• Keeps ill-gotten gains out of the local economy and financial institutions

Second Mutual Evaluation by the Asia/Pacific Group on Money Laundering

In October-November 2018, the Solomon Islands underwent its second Mutual Evaluation by the APG. The comprehensive assessment aimed to evaluate the effectiveness of the Solomon Islands’ AML/CFT system.

Highlights from the Report

• The report sheds light on the progress Solomon Islands has made in combating money laundering and terrorist financing
• Highlights areas that require improvement
• Available for download on the APG’s website under “Members and Observers” and “Mutual Evaluation Reports - 3rd Round”

Ongoing Efforts to Build a Stronger Financial System

The Solomon Islands continues its efforts to build a stronger financial system. Stay tuned for updates as they work towards improving their AML/CFT framework.

Next Steps

• Continued implementation of AML/CFT legislation
• Ongoing training and capacity building for financial institutions and law enforcement agencies
• Monitoring and evaluation of the effectiveness of the AML/CFT system