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SAMOA TAKES A STAND AGAINST FINANCIAL CRIME

In a move aimed at strengthening its reputation as a responsible financial jurisdiction, Samoa has introduced a robust anti-money laundering regime to combat financial crime.

A Commitment to Combating Financial Crime

Samoa’s commitment to tackling money laundering and other financial crimes dates back to 1996, when the government conducted a review of its offshore laws with the assistance of the Commonwealth Secretariat. The review led to significant changes being made to both the Offshore Banking and International Insurance Acts in 1998.

The Money Laundering Prevention Act 2000

The Money Laundering Prevention Act 2000 is a landmark piece of legislation that enforces stricter controls on banking and insurance licence holders, and introduces gateway provisions allowing regulator-to-regulator disclosure for supervisory purposes only. The Act is based on the Commonwealth model and encompasses the benchmark Forty Recommendations of the Financial Action Task Force (FATF) on Money Laundering.

Key Provisions of the Act

• Implement strict “know your customer” principles • Keep business transaction records for seven years • Develop policies and procedures to combat money laundering • Comply with guidelines issued by the Money Laundering Authority

The Act also introduces currency reporting at the border, overrides secrecy obligations in any enactment if there is a money laundering investigation, and provides for mutual assistance in relation to money laundering investigations.

Penalties for Non-Compliance

Money laundering is an offence under the Act for the purposes of extradition or rendition of fugitive offenders.

Raising Awareness and Collaboration

The newly created Money Laundering Authority has hosted a public seminar to raise awareness among financial institutions regarding their statutory obligations under the Act. Samoa’s commitment to combating money laundering is further demonstrated by its endorsement of the United Nations Programme Against Money Laundering prior to September 2000 and its membership of the Asia-Pacific Group (APG) on Money Laundering in June 2000.

Evaluation and Improvement

The country has welcomed evaluations from the Asia Pacific Group on Money Laundering and the Offshore Group of Banking Supervisors, viewing such assessments as a valuable opportunity to improve its regulatory performance.

Conclusion

The introduction of this robust anti-money laundering regime is a defining moment for Samoa, demonstrating the country’s commitment to maintaining its reputation as a responsible financial jurisdiction.