Financial Crime World

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Solomon Islands Takes Lead in Combating Money Laundering with Regional Knowledge Exchange

Honiara, Solomon Islands - The Solomon Islands Financial Intelligence Unit (SIFIU) has launched a knowledge exchange program with its counterpart in the Republic of Marshall Islands, the RMI FIU, to strengthen its capacity in detecting and preventing money laundering.

Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Supervision Practices

The four-day mentoring program is facilitated by the United Nations Development Programme (UNDP) Pacific Office and aims to enhance Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision practices. The program is supported by the Government of the United Kingdom through the UNDP-implemented Pacific Anti-Corruption Project.

Focus Areas

The exchange focuses on areas of mutual interest, including:

  • Strengthening compliance
  • Enhancing policy and supervision
  • Knowledge exchange
  • Collaboration

This initiative builds on previous regional knowledge exchanges between Cook Islands and Papua New Guinea, which have demonstrated the Pacific region’s commitment to tackling financial crime.

Quotes

“We are pleased to see this collective effort to address the serious threat posed by money laundering and terrorism financing,” said Rustam Pulatov, Team Leader - Effective Governance and Inclusive Growth with UNDP Pacific.

“Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year, which is a significant challenge for our region,” emphasized His Excellency Thomas Coward, British High Commissioner to Solomon Islands and Nauru.

“This exchange will greatly assist in enhancing our current AML/CFT supervision practices, and we look forward to putting this newfound knowledge into practice,” said Antonio Debrum, Compliance Officer with RMI FIU.

Conclusion

The program concludes on February 15th, marking a significant milestone in the Pacific region’s efforts to combat financial crime. This initiative demonstrates the commitment of regional Financial Intelligence Units to sharing knowledge and best practices to tackle financial crimes.