Palau Takes Step Towards Financial Inclusion, Combats Financial Crime with US Backing

Palau has taken a significant step towards financial inclusion and combating financial crime by hosting a workshop on combatting cybercrimes in collaboration with the U.S. INDOPACOM Interagency.

Combating Cybercrime: A Growing Threat

Palau has been plagued by email scams and other forms of cybercrime, which have become more sophisticated with the advent of high-speed internet. To combat this growing threat, Palau’s law enforcement personnel received training on combating financial crimes and cybercrimes that are now affecting the island nation.

Workshop Highlights

The workshop was attended by officers from various departments, including:

Customs
Immigration
Foreign Investment Board
Criminal Investigation Department
Tax & Revenue
Financial Unit
FIC
Others

The training covered a range of topics, including:

Transnational criminal actors in the Pacific
Different types of activities they are involved in
The US Magnisky Act, which imposes sanctions on these actors
Cybercrimes
Cryptocurrencies
Countering threat finance
Vetting foreign investors
Digital forensics

Ongoing Support and Training

The program is part of ongoing support and training for Palau’s law enforcement agencies provided by INDOPACOM.

Palau President’s Welcome

Palau President Surangel Whipps Jr. welcomed the participants and stayed for the first half of the workshop to listen to and participate in a very informative program.

Conclusion

The event marked a significant step towards financial inclusion and combating financial crime in Palau, with the support of the United States. This collaboration demonstrates the commitment of both nations to fighting financial crimes and promoting financial stability in the region.