Title: Samoa Cracks Down on Financial Crimes: Enhanced Money Laundering and Terrorist Financing Measures
Subtitle: A Pacific Island Nation’s Strides in Combating Illegal Financial Activities
The government of Samoa has made critical strides in strengthening its measures against money laundering and terrorist financing. Following a thorough evaluation by the Asia/Pacific Group on Money Laundering (APG), a report highlighted Samoa’s progress in combating these illicit financial activities.
Samoa’s Progress in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) System
- On-site assessment (November 2014)
- Scrutinized Samoa’s framework
- Provided recommendations to bolster defenses against financial crimes
Key Findings
- Endorsed by FATF (2015)
- Samoa praised for implementing international legal instruments
- UN Conventions against Transnational Organized Crime and the Financing of Terrorism
- Developing a legal framework for preventing offenses related to proliferation financing
- Samoa praised for implementing international legal instruments
Improvements in Samoa’s Regulatory Framework
- Customer due diligence
- Strengthening processes
- Reporting entities
- Expanding the scope
- Effective supervision and coordination
- among relevant authorities
Regional Implications
- Addressing financial crimes
- Money laundering, terrorist financing, and other financial crimes
- Commitment to changes
- Government’s dedication to maintaining robust AML/CFT systems
- Role model
- Solidifying Samoa’s leadership in the Pacific Islands region
Quote
“These measures reflect a significant step forward in Samoa’s efforts to address money laundering, terrorist financing, and other financial crimes. We applaud the government for its commitment in implementing changes needed to strengthen Samoa’s AML/CFT regime.”
- Ken Zhou, APG’s Executive Director.