Title: Samoa Strengthens Anti-Money Laundering Defenses with New National Policy

Introduction

In a continuous effort to combat money laundering, terrorist financing, and proliferation financing, the Money Laundering Prevention Task Force (MLPTF) in Samoa has released a new National Policy. This policy outlines Samoa’s strategic framework against financial crimes over the next four years.

Key Focus Areas

The new policy revolves around FATF recommendations, Samoa’s National Risk Assessment (NRA) 2014, and the capabilities of the involved agencies. The core components of this policy are:

1. Detection: Proactive measures to identify and disrupt financial crimes.
2. Deterrence: Highlighting the robustness of Samoa’s AML/CTF/PF systems.
3. Prevention: Stopping offending behaviors from repeating.

Capabilities and FATF Recommendations

A strong AML/CTF/PF system requires the following capabilities:

• Detection and disruption
• Deterrent actions
• Preventative strategies

Samoan authorities are committed to:

1. Compliance with FATF Recommendations
2. Continuous law updates

Combating Financial Crimes

Key Activities

Samoan authorities plan to:

• Investigate and prosecute ML offenses
• Restrain and confiscate proceeds of crime

Prioritizing Prevention

Understanding the limitations of enforcement and regulation, Samoa will focus on:

• Prevention strategies
• Making offenses difficult for offenders
• Proactive detection

Detection: Agencies’ Roles

Agencies will:

• Train staff to recognize signs
• Regularly review data holdings
• Share information with other agencies

Deterrence: Emphasizing System Robustness

The focus on deterrence:

• Encourages offenders to avoid targeting Samoa
• Highlights the risks and costs of offending

Prevention: Formulating Strategies

The task force agencies will:

• Review intelligence on offenses
• Develop preventative measures
• Balance individual rights and operational effectiveness

Testing and Cooperation

This policy is regularly tested to ensure effectiveness. Cooperation among agencies is essential for successful prevention, detection, and disruption efforts.

Conclusion

Samoa’s AML/CTF National Policy emphasizes deterrence and disruption towards high-risk and professional money launderers, allocating resources accordingly.

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