Marshall Islands: Procedures for Reporting Financial Crimes
The Marshall Islands, a member of the Asia/Pacific Group on Money Laundering (APG), has implemented various procedures to report financial crimes effectively. In this article, we will delve into the country’s measures to combat money laundering and terrorist financing.
Mutual Evaluation
[Year] Mutual Evaluation Report
The Marshall Islands underwent a mutual evaluation by the APG in [Year], which assessed the implementation of anti-money laundering and counter-terrorist financing (AML/CFT) measures in the country. The assessment report is available on the APG website (www.apgml.org).
Reporting Requirements
The Marshall Islands has established a robust framework for reporting financial crimes, including:
Suspicious Transaction Reports (STRs)
- Financial institutions and other designated reporting entities are required to submit STRs to the relevant authorities when they suspect or have reason to suspect that a transaction involves proceeds of crime.
Cash Transaction Reports (CTRs)
- Financial institutions are mandated to report cash transactions exceeding $10,000 to the authorities.
Cross-Border Reporting
- Financial institutions are required to report international wire transfers and other cross-border transactions involving high-risk countries or individuals.
Reporting Entities
The following entities are designated as reporting entities in the Marshall Islands:
- Banks
- Insurance Companies
- Securities Firms
- Money Transfer Operators
- Casinos
Authority for Receiving Reports
The [name of authority], a specialized agency responsible for combating money laundering and terrorist financing, is the designated authority to receive reports from reporting entities.
Protection of Whistleblowers
The Marshall Islands has enacted laws to protect whistleblowers who report financial crimes in good faith. Reporting entities and individuals are shielded from prosecution or retaliation for making reports that are subsequently found to be without merit.
Training and Support
The [name of authority] provides training and support to reporting entities, including guidance on suspicious transaction reporting and cash transaction reporting.
In conclusion, the Marshall Islands has implemented a comprehensive framework for reporting financial crimes, which includes suspicious transaction reports, cash transaction reports, cross-border reporting, and protection of whistleblowers. The country’s efforts to combat money laundering and terrorist financing are essential in maintaining a secure and stable financial system.