Financial Crime World

Global Financial Crime Enforcement Cooperation Takes Centre Stage in Solomon Islands

Strengthening Regional Cooperation Against Financial Crime

Honiara, Solomon Islands: In a significant move to strengthen regional cooperation against financial crime, the United Nations Development Programme (UNDP) Pacific Office is facilitating a knowledge exchange program between the Solomon Islands Financial Intelligence Unit (SIFIU) and the Republic of the Marshall Islands Financial Intelligence Unit (RMI FIU).

Enhancing Capacity in Anti-Money Laundering and Countering the Financing of Terrorism

The four-day mentoring program, which kicked off earlier this week, aims to enhance the capacity of the RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision. This initiative builds on the success of similar exchanges between Cook Islands and Papua New Guinea, supported by the Government of the United Kingdom through the UNDP-implemented Pacific Anti-Corruption Project.

Key Objectives

  • Peer-to-Peer Learning: SIFIU is hosting two AML and CFT supervisors from the RMI FIU for a peer-to-peer learning opportunity that focuses on areas of mutual interest, including:
    • Strengthening compliance
    • Enhancing policy and supervision
    • Knowledge exchange
    • Collaboration

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. Through sharing expertise and best practice, the project will strengthen the capacity of all Pacific Island countries to effectively tackle these challenges in their collective efforts to stamp out corruption and promote effective governance for all.

UK Support for Regional Financial Intelligence Units

“This is a crucial time for Financial Intelligence Units across the Pacific,” said 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, which is a staggering amount that far exceeds the economies of many Pacific Island countries.”

The UK is proud to support regional financial intelligence units to innovate and cooperate to meet these challenges. The exchange with colleagues from RMI furthers the Pacific Anti-Corruption Project’s ethos of pursuing North-South exchange, ensuring that regional capacity in the supervision of AML/CFT is strengthened throughout the Pacific.

Outcomes of the Exchange

For Antonio Debrum, Compliance Officer with the RMI FIU, the exchange 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. “We look forward to putting this newfound knowledge into practice with our work across the RMI.”

The program concludes on 15 February, marking a significant milestone in the Pacific region’s efforts to combat financial crime and promote cooperation among Financial Intelligence Units.