Pacific Islands Unite to Combat Financial Crime

Strengthening Capacity through Knowledge Exchange

In an effort to enhance the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision across the region, the Solomon Islands Financial Intelligence Unit (SIFIU) is hosting two experts from the Republic of the Marshall Islands Financial Intelligence Unit (RMI FIU) for a four-day mentoring program. This initiative, facilitated by the United Nations Development Programme (UNDP) Pacific Office, aims to promote effective governance and inclusive growth in the Pacific.

The Program’s Objective

The knowledge exchange, supported by the Government of the United Kingdom, seeks to:

• Enhance AML/CFT supervision through best practices in compliance, policy, and supervision
• Foster North-South exchange between countries to address complex financial crime challenges
• Strengthen regional capacity in combating money laundering and terrorism financing

Building on Success

This initiative builds on the success of similar programs between Cook Islands and Papua New Guinea. The RMI FIU delegation will gain valuable insights from the program, which will enable them to:

• Share their own experiences in combating financial crime
• Enhance their organization’s knowledge and expertise on risk-based supervision practices

Regional Concerns

Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year, making it a crucial regional concern. The British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward, noted that:

• 90 percent of people across the Pacific are concerned about corruption
• Regulation needs to be tough to prevent illegal flows and smart to ensure these regimes don’t exclude people from the financial system

Program Conclusion

The program concludes on 15 February, marking a significant step towards strengthening regional capacity in AML/CFT supervision and promoting effective governance for all Pacific Island countries.