Financial Crime World

Samoa’s Financial Intelligence Unit Sees Significant Progress in Combating Money Laundering

Wellington, Samoa - Latest Report Highlights Milestones in Combating Illicit Activities

The Financial Intelligence Unit (FIU) of Samoa has released its latest report, showcasing substantial progress made in combating money laundering and counter-terrorism financing. The FIU’s efforts are crucial in monitoring the country’s financial institutions to prevent illicit activities.

Increased Reporting and Onsite Inspections

  • A total of 54,016 reports were received from commercial banks and money transfer operators last year, representing a significant increase compared to previous years.
  • The FIU conducted onsite inspections at 12 money transfer operators (MTOs) between November 2022 and February 2023, showcasing notable improvements since the last inspections in 2020.

Enhanced Collaboration and Investigative Assistance

  • The FIU provided investigative assistance to law enforcement agencies, disseminated intelligence assessment reports to police and other law enforcement agencies, and collaborated with international organizations such as:
    • Asia-Pacific Group on Money Laundering (APG)
    • Egmont Group

Strengthened Capacity through International Technical Assistance

  • The FIU received technical assistance from various international organizations, including:
    • APG
    • International Monetary Fund (IMF)
    • Asian Development Bank (ADB)
    • United Nations on Drugs Control and Crime Prevention (UNODCCP)
    • Pacific Financial Technical Centre (PFTAC)

Ongoing Awareness and Training Programs

  • The FIU emphasizes the importance of ongoing awareness and training programs for financial institutions and law enforcement agencies to effectively combat money laundering and counter-terrorism financing.

Conclusion

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The FIU’s latest report demonstrates significant progress made in Samoa’s efforts to prevent illicit activities and ensure the integrity of its financial system. The unit continues to work closely with international partners and stakeholders to strengthen its capacity and effectiveness in combating financial crimes.