Financial Crime World

Pacific Islands Unite Against Financial Crime: Solomon Islands Hosts Regional Knowledge Exchange

Combating Money Laundering and Terrorism Financing in the Pacific

Honiara, Solomon Islands - In a significant effort to combat financial crime in the Pacific region, the Solomon Islands Financial Intelligence Unit (SIFIU) is hosting a four-day knowledge exchange program with the Republic of the Marshall Islands Financial Intelligence Unit (RMI FIU). This initiative is supported by the United Nations Development Programme (UNDP) Pacific Office and the Government of the United Kingdom.

Strengthening Capacity in Anti-Money Laundering and Countering Terrorism Financing

The program aims to enhance the capacity of the RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision. This is part of a larger effort to address serious threats like money laundering and terrorism financing, which pose significant risks to regional stability and economic development.

Key Areas of Focus

  • Strengthening Compliance: SIFIU officers will share their expertise with RMI FIU colleagues on best practices in compliance supervision, including risk-based approaches and effective risk assessment methods.
  • Enhancing Policy and Supervision: The program will focus on the importance of robust policies and procedures in AML/CFT supervision, as well as strategies for effective implementation and monitoring.
  • Promoting Regional Cooperation: The exchange will highlight the value of peer-to-peer learning and collaboration in combating financial crime, emphasizing the need for regional cooperation to address these serious threats.

International Support for the Initiative

The UK is proud to support regional financial intelligence units like SIFIU, which are at the forefront of this work. “Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year, over one thousand times larger than Solomon Islands economy,” said British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward.

Conclusion

The knowledge exchange program concludes on February 15, marking an important milestone in the Pacific region’s efforts to combat financial crime. Through this initiative, SIFIU and RMI FIU have demonstrated their commitment to strengthening regional capacity and promoting effective governance for all.