Samoan Anti-Money Laundering Efforts Face Scrutiny
A recent evaluation has highlighted several concerns regarding Samoa’s efforts to prevent money laundering and terrorist financing. The assessment, conducted by an international organization, found that the country’s approach is lacking in key areas.
Key Concerns
- Samoa has not implemented a comprehensive, risk-based approach to allocating resources and implementing measures to prevent or mitigate money laundering and terrorist financing.
- There are concerns about the lack of feedback provided to financial institutions and designated non-financial businesses and professions on the findings of assessments.
- Trustee companies providing offshore financial services in Samoa may be exempted from certain obligations under the country’s anti-money laundering law, despite the high risk associated with this sector.
- There is a lack of monitoring of anti-money laundering compliance among financial institutions and designated non-financial businesses and professions.
Legal Framework Deficiencies
- There is a lack of legislation to support targeted financial sanctions related to terrorism and weapons proliferation financing.
- The report recommends that Samoa amend its laws to address these technical deficiencies.
Reforms Needed
To address these concerns, the Samoan authorities have been tasked with implementing several reforms, including:
- Providing feedback on findings from assessments
- Implementing a comprehensive risk-based approach to anti-money laundering efforts
- Strengthening the legal framework to support targeted financial sanctions
Expert Opinions
According to experts in the field, Samoa’s lack of progress in addressing these concerns is concerning.
“Samoa needs to take a more proactive approach to preventing money laundering and terrorist financing. The country cannot afford to wait any longer to implement reforms.” - Expert
“Financial institutions need to be aware of the risks associated with their activities and take steps to mitigate them. The lack of feedback provided is particularly troubling.” - Expert
What’s Next
The Samoan authorities have pledged to implement the reforms recommended by the evaluation. The country has also committed to strengthening its legal framework to support targeted financial sanctions.
In the meantime, experts are urging Samoa to take swift action to address these concerns.
“Samoa needs to move quickly to implement reforms and demonstrate its commitment to combating money laundering and terrorist financing.” - Expert