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Consequences of Non-Compliance in Finance Haunt Solomon Islands
Honiara, Solomon Islands - The consequences of non-compliance in finance have come into sharp focus for Solomon Islands as the country’s Financial Intelligence Unit (SIFIU) hosts a knowledge exchange program with its counterpart from the Republic of Marshall Islands.
Strengthening Capacity in Anti-Money Laundering and Countering Terrorism Financing
The four-day mentoring program aims to strengthen the capacity of the RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision, building on the success of similar exchanges between Cook Islands and Papua New Guinea.
A Wake-Up Call for Solomon Islands
According to sources close to the matter, the initiative is a wake-up call for Solomon Islands to take a closer look at its own financial regulatory framework. “The consequences of non-compliance in finance are far-reaching and can have devastating effects on our economy,” said an official from SIFIU. “We need to take proactive steps to strengthen our capacity in AML/CFT supervision to prevent financial crimes and protect the integrity of our financial system.”
Key Areas of Focus
The program, supported by the Government of the United Kingdom via the UNDP-implemented Pacific Anti-Corruption Project, has brought together two AML and CFT supervisors from RMI FIU for a peer-to-peer learning opportunity. The exchange will focus on areas of mutual interest, including:
- Strengthening compliance
- Enhancing policy and supervision
- Knowledge exchange
- Collaboration
Regional Cooperation in Combating Financial Crime
Rustam Pulatov, Team Leader - Effective Governance and Inclusive Growth with UNDP Pacific, emphasized the importance of regional cooperation in combating financial crime. “This initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing,” he said.
Preventing Illicit Financial Flows
The UK’s High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward, added that the initiative is crucial as it aims to prevent illicit financial flows estimated to be over US$1.6 trillion per year. “We are proud to support regional financial intelligence units to innovate and cooperate to meet these challenges,” he said.
A Brighter Future for RMI FIU
The exchange has also been welcomed by Antonio Debrum, Compliance Officer with RMI FIU, who believes that it will greatly assist in supporting future activity with his organization. “This exchange will greatly assist in enhancing our knowledge and expertise on risk-based supervision practices,” he said.
Conclusion
As the program concludes on February 15, observers are keeping a close eye on how Solomon Islands will implement its new knowledge and best practices to strengthen its capacity in AML/CFT supervision.