Solomon Islands Facilitates Financial Intelligence Unit Knowledge Exchange with Marshall Islands
In a significant move aimed at strengthening regional capacity in combating financial crime, the Solomon Islands Financial Intelligence Unit (SIFIU) is hosting a four-day mentoring program for two Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervisors from the Republic of the Marshall Islands Financial Intelligence Unit (RMI FIU).
Background
The initiative is supported by the Government of the United Kingdom through the United Nations Development Programme’s Pacific Anti-Corruption Project. The program aims to enhance the capacity of RMI FIU in conducting AML and CFT supervision, building on the success of similar exchanges between Cook Islands and Papua New Guinea.
Program Objectives
During the four-day knowledge exchange, SIFIU officials will share their expertise with their Marshall Islands counterparts, focusing on areas such as:
- Strengthening compliance
- Enhancing policy and supervision
- Knowledge exchange
- Collaboration
This peer-to-peer learning opportunity is expected to greatly assist in supporting future activity for RMI FIU.
Previous Experiences
The Solomon Islands Financial Intelligence Unit has previously participated in attachments with the Papua New Guinea FIU and the Cook Islands FIU, gaining valuable insights into different approaches and best practices.
Quotes
“This initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing,” said Rustam Pulatov, Team Leader - Effective Governance and Inclusive Growth at UNDP Pacific. “Through sharing expertise and best practice, the project will strengthen the capacity of all Pacific Island countries to effectively tackle these challenges in our collective efforts to stamp out corruption and promote effective governance for all.”
“Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year… This is an important regional concern as a recent Transparency International survey found that 90 percent of people across the Pacific are concerned about corruption,” said His Excellency Thomas Coward, British High Commissioner to Solomon Islands and Nauru.
“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,” said Antonio Debrum, Compliance Officer with RMI FIU.
Conclusion
The program concludes on February 15. This initiative demonstrates the commitment of the Pacific region to combating financial crime and promoting effective governance.