Samoa Cracks Down on Money Laundering: New National Policy Bolsters AML/CTF/PF Efforts

Samoa, the Pacific Island nation famous for its beautiful beaches and rich cultural heritage, is taking decisive actions to counter money laundering, terrorist financing, and proliferation financing (ML/TF/PF) activities. The Money Laundering Prevention Task Force (MLPTF) of Samoa has recently issued a new National Policy to strengthen the country’s anti-money laundering, counter terrorist financing, and counter proliferation financing (AML/CTF/PF) system.

Objective of the New Policy

The Objective of the new policy is to create a robust system capable of detecting, disrupting, deterring, and preventing ML/TF/PF activities. The Policy sets the course for Samoa’s AML/CTF/PF strategy and efforts over the next four years.

The Policy is inspired by the Financial Action Task Force (FATF) Recommendations, the National Risk Assessment 2014, and the collective capabilities of the MLPTF member agencies.

Key Elements of the Strategy

Compliance with FATF Recommendations

Samoa aims to comply with the FATF Recommendations, updating its laws, and incorporating them into regular workplace practices as much as possible.

Investigation and Prosecution

The investigation and prosecution of ML/TF and confiscation of ill-gotten gains will be priorities, serving both as deterrents and disruptions.

Prevention is Key

Samoa understands that the prevention of ML/TF/PF is the most effective means of reducing harm to its people and foreign nationals living in or visiting the country.

Detection and Collaboration

In terms of detection, Samoa acknowledges that financial institutions can assist in detection, but cannot be left solely responsible. Agencies will actively scan their data holdings for ML/TF/PF indicators and collaborate with each other to minimize information silos that could hinder detection.

Deterrence and Disruption

The MLPTF agencies will emphasize the robustness of Samoa’s AML/CTF/PF systems to discourage offenders and would-be offenders. Disruption methods, such as prosecution and confiscation of funds, will be used strategically to target high-risk criminal organizations and disable their ability to further offend.

Regular Testing and Corrections

In line with the policy, Samoa will regularly test and correct its AML/CTF/PF systems to ensure they remain effective in the face of evolving threats.

Furthermore, the MLPTF members will cooperate and share information and resources closely to effectively tackle profit-driven crimes, including drug supply, corruption, fraud, and tax evasion.

Conclusion

With this strengthened approach to AML/CTF/PF, Samoa is becoming an increasingly challenging environment for criminals seeking to engage in illicit activities.