Financial Crime World

Emerging Threats to Financial Security in Marshall Islands

Knowledge Exchange Program Strengthens AML/CFT Supervision Capacity

A knowledge exchange program between the Solomon Islands Financial Intelligence Unit (SIFIU) and the Republic of the Marshall Islands Financial Intelligence Unit (RMI FIU) has been launched to enhance the capacity of RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision.

Background

The initiative, facilitated by the United Nations Development Programme Pacific Office, aims to:

  • Enhance policy and supervision
  • Foster knowledge exchange and collaboration
  • Promote regional cooperation in combating financial crime

This program builds on the success of similar exchanges between Cook Islands and Papua New Guinea, supported by the Government of the United Kingdom via the UNDP-implemented Pacific Anti-Corruption Project.

Key Objectives

  • To strengthen RMI FIU’s capacity in conducting AML/CFT supervision
  • To enhance policy and supervision practices
  • To promote regional cooperation in combating financial crime

Program Details

Two AML and CFT supervisors from the RMI FIU are participating in a four-day mentoring program with SIFIU officers, focusing on areas of mutual interest. The program concludes on February 15 and is supported by the Government of the United Kingdom via the UNDP-implemented Pacific Anti-Corruption Project.

Quotes

  • Rustam Pulatov, Team Leader – Effective Governance and Inclusive Growth with UNDP Pacific: “This initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing.”
  • British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward: “Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year… Regulation needs to be tough to prevent illegal flows and smart to ensure these regimes don’t exclude people from the financial system.”

Statistics

  • Estimated annual illicit financial flows in Marshall Islands: US$1.6 trillion
  • Number of AML/CFT supervisors participating in the mentoring program: 2
  • Duration of the program: 4 days