BANKS JOIN FORCES TO FIGHT FINANCIAL CRIME IN SOLOMON ISLANDS

Strengthening Capacity in Combating Financial Crime

In a bid to enhance their capacity in combating financial crime, Solomon Islands’ Financial Intelligence Unit (SIFIU) has welcomed two senior supervisors from the Republic of the Marshall Islands’ Financial Intelligence Unit (RMI FIU) for a four-day knowledge exchange program. The initiative aims to strengthen the supervision and compliance practices of RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).

The program, facilitated by the United Nations Development Programme (UNDP) Pacific Office, is part of a regional effort to share best practices and expertise among Pacific Island countries. The initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing.

Key Areas of Focus

Strengthening Compliance: Enhancing the supervision and compliance practices of RMI FIU in conducting AML/CFT.
Enhancing Policy and Supervision: Improving policy and supervision practices to effectively tackle financial crime challenges.
Knowledge Exchange: Sharing expertise and best practices among Pacific Island countries.
Collaboration: Promoting regional cooperation in combating financial crime.

Previous Attachments

SIFIU officers have previously participated in attachments with Papua New Guinea FIU and Cook Islands FIU, gaining valuable insights into different approaches and best practices. This knowledge exchange program will further enhance their understanding of AML/CFT supervision practices.

Quotes from Key Stakeholders

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.”
Thomas Coward, British High Commissioner to Solomon Islands and Nauru: “Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year, which is a significant concern for our region.”
Antonio Debrum, Compliance Officer with the RMI FIU: “This exchange will greatly assist in enhancing our knowledge and expertise on risk-based supervision practices.”

Conclusion

The four-day knowledge exchange program concludes on February 15. The initiative demonstrates the Pacific region’s commitment to working together to address financial crime challenges. By sharing expertise and best practices, the project will strengthen the capacity of all Pacific Island countries to effectively tackle these challenges.