Solomon Islands Strides Towards Strengthening Anti-Money Laundering Regulations
The Solomon Islands has made significant progress in strengthening its anti-money laundering regulations, solidifying its commitment to maintaining a robust financial sector free from corruption and money laundering.
Membership in the Asia-Pacific Group on Money Laundering (APG)
In May 2007, the Solomon Islands became a member of the APG, a milestone that marked the beginning of its efforts to combat financial crimes. This membership has enabled the country to tap into international expertise and best practices in anti-money laundering regulations.
Development of Anti-Money Laundering System
The Solomon Islands is currently developing its anti-money laundering system, with a focus on combating the financing of terrorism. The country has already enacted laws aimed at preventing serious financial crimes, demonstrating its commitment to upholding international standards on financial transparency and accountability.
- Key highlights:
- Enacted anti-money laundering laws for serious offences
- Developed anti-money laundering and combating the financing of terrorism system
Mutual Evaluation Report
In October-November 2018, the Solomon Islands underwent its second Mutual Evaluation, with the report being adopted by the APG in August 2019. The full report is available for public viewing on the APG’s website.
Ongoing Support from the APG
The Solomon Islands’ efforts to strengthen its anti-money laundering regulations are a significant development in the region. As the country continues to develop its system, it can expect ongoing guidance and support from the APG to help achieve its goals.
In conclusion, the Solomon Islands’ commitment to strengthening its anti-money laundering regulations is a testament to its dedication to maintaining a robust financial sector that is free from corruption and money laundering. With continued support from the APG, the country is well on its way to achieving international standards on financial transparency and accountability.