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Money Laundering in Samoa: What You Need to Know

Samoa has been working towards implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations, which aim to prevent money laundering and terrorist financing. The country’s Follow-Up Report 2018 provides an assessment of its progress.

Progress Made

According to the report, Samoa has made significant strides in:

• Assessing risk and applying a risk-based approach (R.1)
• National cooperation and coordination (R.2)
• Implementing measures to combat money laundering offences (R.3) and confiscation and provisional measures (R.4)

Areas for Improvement

However, there are areas where Samoa needs improvement, including:

• Targeted financial sanctions related to terrorism and terrorist financing (R.6)
• Targeting financial institutions that provide services to proliferators (R.7)
• Regulating and supervising financial institutions (R.26) and DNFBPs (R.28)
• Powers of supervisors (R.27) and law enforcement authorities (R.31)

Positive Developments

On a positive note, Samoa has made progress in:

• Reporting suspicious transactions (R.20)
• Having internal controls and foreign branches and subsidiaries (R.18)
• Regulating transparency and beneficial ownership of legal persons (R.24) and legal arrangements (R.25)

Future Focus

The report highlights areas where Samoa needs to improve, including:

• Implementing measures to combat terrorist financing (R.5)
• Cooperation with international instruments (R.36)
• Certain aspects of mutual legal assistance (R.37-40)

Conclusion

While Samoa has made progress in implementing anti-money laundering and combating the financing of terrorism measures, there is still work to be done to bring the country fully into compliance with international standards.