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Combating Financial Crime: Marshall Islands Takes Proactive Measures

Strengthening Capacity to Combat Money Laundering and Terrorism Financing

The Republic of the Marshall Islands (RMI) has joined forces with the Solomon Islands Financial Intelligence Unit (SIFIU) for a knowledge exchange program aimed at enhancing its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision.

A Four-Day Mentoring Program

Two AML/CFT supervisors from the RMI FIU will participate in a four-day peer-to-peer learning opportunity hosted by SIFIU. The focus areas include:

• Strengthening compliance
• Enhancing policy and supervision
• Knowledge exchange
• Collaboration in combating financial crime

Regional Cooperation and Capacity Building

This program builds on previous regional knowledge exchanges supported by the United Nations Development Programme (UNDP). It demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing.

A Significant Concern for the Pacific Region

According to estimates, money laundering and other illicit financial flows are valued at over US$1.6 trillion per year, a significant concern for countries in the Pacific region. A recent Transparency International survey found that 90 percent of people across the Pacific are concerned about corruption, highlighting the need for effective regulation to prevent illegal flows.

Government Support and Commitment

The program is supported by the Government of the United Kingdom via the UNDP-implemented Pacific Anti-Corruption Project. The UK has committed to supporting regional financial intelligence units to innovate and cooperate in addressing the challenges posed by money laundering and other illicit financial flows.

A New Era of Collaboration

Antonio Debrum, Compliance Officer with the RMI FIU, expressed his enthusiasm for the exchange: “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.”

A Significant Step Forward

The program concludes on February 15, marking a significant step towards strengthening the RMI’s capacity in combating financial crime. It is a testament to the region’s commitment to working together to address these serious challenges and promote effective governance for all.