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Samoa Ranked 69th in Financial Secrecy Index

According to a recent report, Samoa has been ranked 69th out of 100 countries in the 2011 Financial Secrecy Index, with a secrecy score of 85 per cent. This ranking is based on a combination of its secrecy score and its share of the global market for offshore financial services.

Samoa’s Secrecy Score: A Cause for Concern

Samoa’s 85 per cent secrecy score puts it towards the top end of the secrecy scale, but it still falls short of acceptable international standards when it comes to offering satisfactory financial transparency. To play a full part in the modern financial community and impede illicit financial flows, Samoa should take steps to improve its corporate transparency regulations and cooperation with other countries.

Areas for Improvement

The report highlights several areas where Samoa needs improvement:

Lack of public company ownership records
Failure to require country-by-country financial reporting
Limited participation in automatic information exchange agreements
No use of taxpayer identifiers for analyzing tax-related information effectively
No large taxpayer unit
Partly compliant anti-money laundering standards
Failure to ratify the five most relevant international treaties relating to financial transparency
Limited cooperation with other states on money laundering and criminal issues

Recommendations for Improvement

To improve its standing in the Financial Secrecy Index, Samoa should prioritize:

Increasing corporate transparency
Enhancing tax administration efficiency
Strengthening international cooperation

By doing so, it can help prevent illegal activities such as tax evasion and money laundering while promoting a more stable and transparent financial system.