Financial Crime World

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Samoa’s Financial Crime Law Enforcement: A Mixed Bag

A recent report on financial crime law enforcement in Samoa has revealed a mixed picture, with the country showing some progress but still lagging behind in others. The report, which assesses Samoa’s implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) measures, highlights several areas where improvements are needed.

Compliance Status

According to the report, Samoa is partially compliant with 14 of the 40 Financial Action Task Force (FATF) Recommendations, which set international standards for AML/CFT. The country is largely compliant in seven areas, including:

  • National cooperation and coordination
  • Money laundering offence
  • Confiscation and provisional measures
  • Terrorist financing offence
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Record keeping
  • Reporting of suspicious transactions

Non-Compliance Areas

However, Samoa is non-compliant in 11 areas, including:

  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
  • Mutual legal assistance

The country also needs improvement in several other areas, such as:

  • Customer due diligence
  • Internal controls
  • Foreign branches and subsidiaries
  • Transparency and beneficial ownership

Recommendations for Improvement

The report highlights the need for Samoa to strengthen its AML/CFT framework, particularly in the areas of:

  • Regulation and supervision
  • Customer due diligence
  • International cooperation

It also notes that the country has made progress in recent years, including:

  • The establishment of a financial intelligence unit
  • Improved reporting of suspicious transactions

Government Commitment

Samoa’s authorities have committed to addressing the report’s recommendations and improving its AML/CFT framework. The government is working to:

  • Strengthen regulation and supervision of financial institutions and DNFBPs
  • Improve customer due diligence
  • Enhance international cooperation