Here is the converted article in markdown format:
EGMONT: Samoa’s Financial Intelligence Unit Unveils Its Activities
Apia, SAMOA - The Egmont Group, a global network of financial intelligence units (FIUs), has released its report on the activities of its member country, Samoa. According to the report, the Samoan FIU has been actively engaged in various activities aimed at combating money laundering and terrorism financing.
Activities of the Samoan FIU
The report highlights several key activities undertaken by the Samoan FIU:
- Due Diligence and Background Checks: The FIU received 115 due diligence and background checks from financial institutions from July 2019 to June 2020. These checks are conducted to screen the legitimacy of companies and individuals, as well as detect potential links to serious offenses such as money laundering and terrorist financing.
- Supervision of Financial Institutions: The FIU has been supervising financial institutions through regular on-site examinations to ensure compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) requirements.
- Collaboration with Law Enforcement Agencies: The FIU cooperates with law enforcement agencies, both domestically and internationally, in investigations and prosecutions related to these offenses.
Impact of COVID-19
Due to the COVID-19 pandemic, onsite inspections for financial institutions were postponed until further notice. However, eight money transfer operators have been inspected so far.
AML/CFT Meetings
The FIU has also organized regular meetings for compliance officers from financial institutions to provide updates and discuss AML/CFT matters. These meetings aim to ensure that financial institutions are meeting AML/CFT standards.
International Cooperation
The report highlights the FIU’s collaboration with various bodies and partners in implementing the Financial Action Task Force (FATF) standards and exchanging information and intelligence to combat money laundering and terrorist financing. The FIU works closely with the Asia-Pacific Group on Money Laundering (APG), which provides recommendations on improving Samoa’s AML/CFT framework.
About Egmont Group
The Egmont Group is a global network of FIUs that aims to facilitate international cooperation and information sharing in the fight against money laundering, terrorism financing, and other financial crimes. The group was established in 1995 and has since become a leading international organization in the field of financial intelligence and anti-money laundering.