Financial Crime World

Samoa’s Financial Intelligence Unit Leads the Charge Against Money Laundering and Terrorist Financing

The Samoa Financial Intelligence Unit (SFNU) and the Money Laundering Prevention Authority (MLPA) have taken bold steps to strengthen Samoa’s financial system against money laundering (ML) and terrorist financing (TF). The following outlines Samoa’s comprehensive National Strategy (2016-2020) to enhance its Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) efforts.

Reinforcing Samoa’s Financial System

With a vision of Samoa being the Pacific Island Nation leading the practical application of international ML/CTF standards, the strategy aims to:

  1. Detect, deter, disrupt, and prevent ML/TF activities
  2. Address intelligence gaps
  3. Implement targeted legislation
  4. Engage the private sector

Primary Goals of the National Strategy

The strategy focuses on the following primary goals:

  1. Identifying and quantifying proceeds of crime in Samoa

    • Identify and quantify domestic and foreign proceeds of crime in Samoa
    • Determine the types or volume of threats associated with predicate offenses

  2. Improving collection and analysis of suspicious transaction reports (STRs)

    • Increase STR reporting
    • Address underreporting of STRs
    • Develop capacity for analyzing threshold transaction data

  3. Implementing targeted financial sanctions (TFS)

    • Strengthen legal framework for TFS
    • Implement TFS for terrorism and weapons proliferation financing

  4. Improving regulations and legal framework

    • Address technical deficiencies in various laws
    • Amend laws, including the International Companies Act 1988

  5. Promoting understanding of ML/TF risks among trust and company service providers (TCSPs)

    • Develop mechanisms for TCSPs to understand ML/TF risks
    • Ensure TCSPs hold adequate information

This comprehensive strategy not only aims to address intelligence gaps and legislative deficiencies but also strives to promote a culture of awareness and deterrence within the financial sector. As a result, Samoa’s financial system is better prepared to face the challenges of ML/TF activities, safeguarding its economy, and upholding international standards.