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Financial Institution’s Suspicious Transaction Report

Kiribati Finance Ministry Issues Alert Over Lack of Asset and Interest Disclosure System

The Kiribati Finance Ministry has issued an alert over the lack of an asset and interest disclosure system in place, despite the country’s commitment to transparency and accountability.

Section 96 Report Raises Concerns

A report filed under Section 96 of the Leaders Code of Conduct Act has highlighted concerns over the absence of a system for reporting suspicious transactions. The report reveals that financial institutions and cash dealers have not formed a suspicion in relation to any transactions, but the lack of an asset and interest disclosure system raises red flags.

Lack of Legal Framework Hampers Implementation

The ministry’s report notes that Kiribati has no assets and interest disclosure system in place, making it challenging to implement measures to ensure transparency and accountability. The country is struggling to develop a legal framework for the asset and interest disclosure system, with limited resources and lack of capacity hindering progress.

Challenges Abound

The report identifies several challenges facing the implementation of an asset and interest disclosure system, including:

• Submission of declarations not being socially and culturally accepted
• Contravening other human rights acts or lending institution policies
• Lack of professional procedures for submission

Technical Assistance Needed

To fully implement this provision, Kiribati requires technical assistance in several areas, including:

• Legislative assistance to draft new laws on whistle-blower protection
• Institution-building capacity development for officers in charge of anti-corruption
• Policymaking support
• Research/data-gathering and analysis training

International Cooperation Encouraged

The ministry is encouraging international cooperation with other countries to facilitate the sharing of best practices and expertise in asset and interest disclosure. This includes work attachments with recognized anti-corruption academies to learn modules and practices on asset and interest disclosure.

Stakes High for Implementation

The successful implementation of an asset and interest disclosure system is crucial for Kiribati, as it will help prevent corruption, promote transparency, and ensure accountability. The ministry’s report highlights the urgent need for technical assistance to overcome the challenges facing the country in this regard.