Financial Crime World

Financial Intelligence Unit (FIU) of Samoa: Annual Report on Efforts to Combat Money Laundering and Terrorist Financing (July 2022 to June 2023)

The Financial Intelligence Unit (FIU) of Samoa, under the Ministry of Commerce, Industry, Labour and Immigration, has published its annual report, outlining the efforts made during the July 2022 to June 2023 period to combat money laundering and terrorist financing.

Creating a Leading Pacific Island Nation

The FIU’s primary objective is to contribute to creating a leading Pacific Island Nation in practical applications of international standards on anti-money laundering (AML) and countering terrorist financing (CFT). This goal was pursued by focusing on detection, deterrence, disruption, and prevention of illicit activities.

Robust AML/CFT System

The report stresses the significance of a robust AML/CFT system, which involves:

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

During the reporting year, the FIU prioritized these aspects to strengthen Samoa’s financial sector, improve compliance with internationally recognized standards, enhance information and intelligence networks, and build stronger working relationships.

Key Accomplishments

Some noteworthy achievements from the FIU’s operational mandate include:

  1. Successful adoption of an Information Communication Technology (ICT) database system for Cash Transaction Reports (CTRs) and Suspicious Transaction Reports (STRs): This system facilitates more efficient reporting and analysis.
  2. Cooperation with other regional and international agencies: Information and intelligence were exchanged to enhanced the collective ability to combat financial crime.

Stay tuned for the following sections of the report:

  • FIU’s operational mandate
  • Review of its activities during the July 2022 to June 2023 period
  • Capacity building through training programs, awareness initiatives, and partnerships

For ongoing updates on Samoa’s mission to safeguard its financial, social, economic, and political environment from the risks of money laundering and terrorist financing, follow the FIU’s progress.