Strengthening Anti-Terrorism Financing Regulations in Samoa
A recent assessment by the international community has identified areas where Samoa needs to improve its anti-terrorism financing regulations to prevent and detect financial crimes.
Mixed Bag of Ratings
The country received a mixed bag of ratings, with some aspects being deemed “partially compliant” while others were found to be “non-compliant”. This highlights the need for improvement in certain areas.
Risk-Based Approach Praised
Samoa’s risk-based approach to assessing money laundering and terrorist financing risks was praised as “partially compliant”. However, the country fell short in its national cooperation and coordination efforts, which were rated “non-compliant”.
Areas for Improvement
The assessment highlighted several areas where Samoa needs to improve its laws and regulations, including:
- Confiscation and provisional measures: partially compliant
- Targeted financial sanctions related to terrorism and terrorist financing: partially compliant
- Regulation and supervision of financial institutions, DNFBPs, and cash couriers: partially compliant
- Powers of supervisors: non-compliant
Recommendations for Improvement
The report made several recommendations for improvement, including:
- Strengthening national cooperation and coordination
- Improving customer due diligence and record keeping
- Enhancing transparency and beneficial ownership of legal persons and arrangements
Commitment to Reform
Samoa’s government has committed to addressing these areas and implementing the necessary reforms to bring its anti-terrorism financing regulations in line with international standards. The country’s efforts will be closely monitored by the international community to ensure that it is effectively combating financial crime and preventing the misuse of its financial system for terrorist activities.
Conclusion
Strengthening Samoa’s anti-terrorism financing regulations is crucial to preventing financial crimes and ensuring that the country does not facilitate terrorist activities. By implementing the necessary reforms, Samoa can demonstrate its commitment to international standards and maintain a strong reputation in the global financial community.