Financial Crime World

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Financial Intelligence Gathering in Samoa Under Scrutiny

A recent assessment of Samoa’s financial intelligence gathering capabilities has revealed a mixed picture, with some areas showing significant improvement while others require further attention.

Strengths and Weaknesses

The assessment, which evaluated Samoa against the Financial Action Task Force (FATF) Recommendations, highlighted both strengths and weaknesses in the country’s efforts to combat money laundering and terrorist financing. While Samoa has made progress in implementing several key requirements, there are still areas that require improvement.

Compliant Requirements

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)

Samoa was found to be largely compliant with these standards.

Partially Compliant Requirements

  • Confiscation and provisional measures (R.4)
  • Internal controls and foreign branches and subsidiaries (R.18)
  • Financial intelligence units (R.29) and law enforcement authorities’ powers (R.30)

These areas require further development to ensure Samoa’s financial system is effective in combating money laundering and terrorist financing.

Non-Compliant Requirements

  • Regulation and supervision of DNFBPs (R.28)
  • Mutual legal assistance (R.37)
  • Extradition (R.39)

Samoa must address these areas to meet the FATF Recommendations.

Key Recommendations

To improve its financial intelligence gathering efforts, Samoa is recommended to:

  • Strengthen confiscation and provisional measures
  • Improve internal controls
  • Enhance international cooperation

Conclusion

While Samoa has made progress in implementing the FATF Recommendations, there is still much work to be done to ensure that the country’s financial system is fully effective in combating money laundering and terrorist financing.