Financial Intelligence Unit Plays Vital Role in Protecting Solomon Islands from Money Laundering and Terrorism

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The Solomon Islands Financial Intelligence Department has a crucial mandate under Section 11H of the Money Laundering and Proceeds of Crime Amendment Act 2010 (MLPCAA 2010) to promote the country’s financial system. Its vision is clear: “Solomon Islands is protected from Money Laundering and Terrorism.”

Primary Goal

The department’s primary goal is to formulate and implement strategies to combat money laundering, terrorist financing, and other serious crimes. This ensures the safety and integrity of Solomon Islands’ financial system.

Key Objectives

To achieve its vision, the department has outlined five key objectives:

• Ensure Compliance with Global Standards: The department aims to ensure compliance with global standards on anti-money laundering and combating the financing of terrorism.
• Assist in Detection, Investigation, and Prosecution: It assists in the detection, investigation, and prosecution of money laundering and terrorist financing offences.
• Provide Timely and Quality Information and Advice: The department provides timely and quality information and advice to its stakeholders.
• Develop and Utilize Skilled Staff: It focuses on developing and utilizing skilled staff to combat financial crimes.
• Implement Effective Strategies: Finally, the department works towards implementing effective strategies to combat financial crimes and protect the country’s financial system from threats such as money laundering and terrorism.

By achieving these objectives, the Solomon Islands Financial Intelligence Department plays a vital role in protecting the country’s financial system from the threats of money laundering and terrorism.