Financial Crime World

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American Samoa Steps Up Financial Crime Prevention Measures

In a bid to strengthen its financial crime prevention measures, American Samoa has made significant strides in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations. According to the recent ratings, the country has shown marked improvement in several areas.

Assessing Risk and Applying a Risk-Based Approach

The government has implemented effective risk assessments and is applying a risk-based approach to identify and mitigate financial crime risks. This demonstrates its commitment to preventing money laundering and terrorist financing.

National Cooperation and Coordination

American Samoa’s authorities have demonstrated good national cooperation and coordination in the fight against financial crime, with all relevant agencies working together effectively.

Key Measures Implemented

Here are some of the key measures implemented by American Samoa:

  • Money Laundering Offence: A comprehensive money laundering offence framework has been established.
  • Confiscation and Provisional Measures: While there are some areas for improvement, confiscation and provisional measures are largely in line with international standards.
  • Terrorist Financing Offence: A terrorist financing offence framework has been established to prevent the misuse of the financial system.
  • Targeted Financial Sanctions: Targeted financial sanctions related to terrorism and terrorist financing have been implemented.

Other Key Areas

In addition to these key measures, American Samoa has also implemented:

  • Non-Profit Organisations: Non-profit organisations are subject to strict customer due diligence measures to prevent financial crime.
  • Financial Institution Secrecy Laws: Financial institution secrecy laws are largely in line with international standards.
  • Customer Due Diligence: Banks and other financial institutions are required to conduct thorough customer due diligence to prevent financial crime.
  • Record Keeping: Record-keeping requirements are largely compliant with international standards.

New Technologies and International Cooperation

American Samoa is keeping pace with the latest technologies and implementing measures to prevent financial crime in the digital age. The country also engages in various forms of international cooperation, including:

  • Mutual Legal Assistance: Providing mutual legal assistance to other countries to combat financial crime.
  • Extradition: Establishing effective extradition procedures to cooperate with other countries in the fight against financial crime.
  • Other Forms of International Cooperation: Engaging in various forms of international cooperation to prevent and combat financial crime.

Overall, American Samoa has made significant progress in implementing measures to prevent financial crime and is committed to continuing its efforts to stay compliant with international standards.