International Cooperation Boosts Fight Against Financial Crime in Marshall Islands
A recent knowledge exchange program between Solomon Islands and the Republic of the Marshall Islands has taken a significant step forward in strengthening the capacity of the Marshall Islands’ Financial Intelligence Unit (RMI FIU) to combat money laundering and terrorism financing.
Program Overview
The four-day mentoring program, facilitated by the United Nations Development Programme (UNDP) Pacific Office, brings together two Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervisors from the RMI FIU with their counterparts in Solomon Islands. The peer-to-peer learning opportunity will focus on areas such as:
- Strengthening Compliance: Enhancing policies and procedures to prevent money laundering and terrorism financing
- Enhancing Policy and Supervision: Improving oversight and enforcement of AML/CFT regulations
- Knowledge Exchange: Sharing best practices and expertise between Solomon Islands and the Marshall Islands
- Collaboration: Fostering cooperation and information sharing between regulatory bodies
Building on Previous Initiatives
This initiative builds on previous regional knowledge exchanges supported by UNDP, including attachments between Solomon Islands Financial Intelligence Unit (SIFIU) officers and their colleagues in Papua New Guinea and Cook Islands. The Pacific Anti-Corruption Project, implemented by UNDP with the support of the Government of the United Kingdom, aims to strengthen regional capacity in the supervision of AML/CFT.
Commitment to Regional Cooperation
“This exchange demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing,” said Rustam Pulatov, Team Leader for Effective Governance and Inclusive Growth at UNDP Pacific. “Through sharing expertise and best practice, we will strengthen the capacity of all Pacific Island countries to effectively tackle these challenges.”
Support from International Partners
The program is also supported by British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward, who noted that money laundering and other illicit financial flows pose a significant threat to the Pacific region. “Regulation needs to be tough to prevent illegal flows and smart to ensure these regimes don’t exclude people from the financial system,” he said.
Enhancing Capacity in Marshall Islands
Antonio Debrum, Compliance Officer with the RMI FIU, welcomed the exchange program, saying 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, and we look forward to putting this newfound knowledge into practice with our work across the RMI.”
Program Conclusion
The four-day mentoring program concludes on 15 February, marking a significant step forward in strengthening the capacity of the Marshall Islands’ Financial Intelligence Unit to combat money laundering and terrorism financing.