Samoa’s New AML/CTF/PF National Policy: A Proactive Approach to Financial Crime Prevention
Samoa, the beautiful Pacific island nation, has recently launched its new Anti-Money Laundering (AML), Counter Terrorist Financing (CTF), and Proliferation Financing (PF) National Policy. This comprehensive strategy, issued by the Money Laundering Prevention Authority (MLPA), outlines the guiding principles for the next four years to prevent financial crimes and protect the country’s economy and citizens.
Key Elements of Samoa’s National Policy
Samoa’s new policy is driven by the Financial Action Task Force (FATF) Recommendations. The core elements include:
- Compliance with FATF guidelines
- A focus on prevention
- A proactive approach to detection and investigation
Detect, Prevent, and Disrupt Financial Crimes
Effective AML/CTF/PF systems must possess the capacity to:
- Detect: Identify and report suspicious transactions
- Prevent: Stop potential financial crimes from occurring
- Disrupt: Interrupt ongoing criminal activities
- Deter: Reduce the incentive for financial crimes
Proactive Approach: Prevention over Reaction
Samoa plans to prevent money laundering, terrorist financing, and proliferation financing in the first place. This proactive strategy ensures a safer environment for Samoan and foreign nationals and makes it as difficult and costly as possible for offenders to profit from their crimes.
Investigation and Prosecution
Samoa will investigate and prosecute money laundering, terrorist financing, and proliferation financing offenses. This action will hold offenders accountable, restrain and confiscate the proceeds of their crimes, and demonstrate the robustness and effectiveness of the country’s AML/CTF/PF systems to international evaluators, such as the FATF.
List of Acronyms
| Acronym | Definition |
|---|---|
| AML | Anti-Money Laundering |
| CPF | Counter Proliferation Financing |
| CTF | Counter Terrorist Financing |
| FATF | Financial Action Task Force |
| MLPA | Money Laundering Prevention Authority |
| ML | Money Laundering |
| NRA | National Risk Assessment 2014 |
| PF | Proliferation Financing |
| SFIU | Samoa Financial Intelligence Unit |
| STR | Suspicious Transaction Report |
| Task Force | Money Laundering Prevention Task Force |
| TF | Terrorist Financing |
With a focus on prevention, detection, disruption, deterrence, and a commitment to regular testing, Samoa’s new policy is a significant step forward in the fight against financial crimes. The Task Force will work closely with financial institutions, other agencies, and international partners to ensure the success of the policy and protect its citizens from the harms of financial crimes.