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Money Laundering Legislation in Solomon Islands

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Key Points

Money Laundering Offences

A person commits an offense if they acquire, possess, or use property knowing or having reason to believe it’s derived from illicit activities.

Penalties

Individuals can face fines up to $150,000 and imprisonment for up to 10 years.
Bodies corporate can be fined up to $200,000.

Opening or Operating an Account with a False Name

This is punishable by fines up to $100,000 and imprisonment for up to 10 years (individuals).
For bodies corporate, the fine is up to $200,000.

Failure to Comply with Requirements

Financial institutions and cash dealers that fail to comply may face fines up to $250,000 (individuals) or $500,000 (bodies corporate), along with imprisonment.

Disclosure of Information

Disclosing information that might prejudice an investigation is punishable by a fine of up to $1,000 or imprisonment for up to one month.

Analysis

This legislation aims to prevent and combat money laundering in Solomon Islands by making it illegal to acquire, possess, or use property derived from illicit activities. It also holds financial institutions, cash dealers, and individuals accountable for their actions, with penalties ranging from fines to imprisonment. The law encourages cooperation and transparency among these entities to prevent the misuse of funds.

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