Marshalls Islands Strengthens Financial Management Framework

The Republic of the Marshall Islands Ministry of Finance (MOF) has been established under the country’s Financial Management Act. This move marks a significant step towards improving banking regulations for compliance in the island nation.

Comprehensive System of Public Financial Management

The MOF is designed as a comprehensive system aimed at streamlining all revenue and fiscal functions of the Government of the Marshall Islands. This development will enable the ministry to manage finances effectively, improve transparency, and enhance accountability.

Key Divisions and Office

The Ministry is comprised of four key divisions and one office, each with specific roles in overseeing the country’s finances:

• Division of Accounting and Administration: manages financial records and administrative tasks.
• Division of Budget, Procurement, and Supply: develops and implements the national budget as well as oversees procurement processes.
• Division of Customs, Treasury, Revenue, and Taxation: handles customs duties, taxation, and revenue collection.
• Division of International Development Assistance (DIDA): secures external funding to support development projects in the Marshall Islands.

Localized Financial Support

The Ebeye Finance Office located on Ebeye Island will cater to financial needs specific to the island community. This office will provide localized financial support, ensuring that the unique needs of the island community are addressed.

Enhancing Banking Regulations

With this comprehensive system in place, the MOF is well-positioned to enhance banking regulations and ensure compliance with international standards in the Marshall Islands. This development will have a positive impact on the country’s economy and improve its financial management framework.