Financial Crime World

Samoa’s Anti-Money Laundering Strategy: Blazing a Trail in the Pacific

Samoa, a Pacific Island Nation, is steering a bold course towards becoming the leading nation in the region for the practical application of anti-money laundering (AML) and counter-terrorist financing (CTF) measures. This ambition is underpinned by a comprehensive and ambitious National Strategy for the period 2016 to 2020.

Vision

Samoa aspires to be the Pacific Island model for international AML/CTF standards. The ultimate goal is to effectively detect, deter, disrupt, and prevent money laundering and terrorist financing in collaboration with national agencies, the private sector, and international partners.

Mission

The mission is to create a stable and safe financial, social, economic, and political environment by:

  • Enhancing the quality of information available for AML/CTF efforts
  • Improving legislation
  • Engaging the private sector
  • Increasing compliance and enforcement

AML System’s Effectiveness

The success of the AML system relies on:

  1. Appropriate laws
  2. Motivated and informed authorities
  3. An engaged private sector

National Strategy Overview

This National Strategy is firmly grounded in the National Risk Assessment (NRA) 2014 and the Asia Pacific Group/Financial Action Task Force (APG/FATF) Mutual Evaluation (ME) report. Its primary objective is to map a way forward over the next four years.

Strategy Goals

By the end of the strategy period, Samoa aims to:

  1. Address known intelligence gaps and set in place a process to identify emerging and unknown ones
  2. Quantify the value of domestic and foreign proceeds of crime in Samoa
  3. Address under-reporting of Suspicious Transaction Reports (STRs)
  4. Commence collection and analysis of threshold transaction data
  5. Remedy technical deficiencies in the terrorist financing offence
  6. Amend AML policies
  7. Strengthen the legal framework for targeted financial sanctions (TFS) related to terrorism and introduce a legal framework for TFS related to weapons proliferation financing
  8. Address technical deficiencies in key legislations
  9. Develop mechanisms for accurate and timely beneficial ownership information

Preventing the Flow of Illicit Funds

Samoa’s commitment to making its financial environment less attractive for criminals and terrorists alike includes focusing on the areas of highest threat, quantifying the value of laundered funds and their sources, increasing awareness and education, and imposing sanctions for non-compliance.