Samoan Banking Sector Braces for Tougher Anti-Money Laundering Regulations

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In a move to strengthen its financial sector, the government of Samoa has consolidated its legislative and regulatory framework to prevent money laundering. The revised Money Laundering Prevention Act 2007, which was amended up to December 2015, is now in effect.

Administration and Compliance

The Central Bank of Samoa (CBS) administers the Act and oversees compliance with anti-money laundering regulations. To ensure effective implementation, the CBS has issued guidelines under section 4(3) of the MLPA, known as the Money Laundering Prevention Guidelines 2010.

Supporting Legislation

Additional legislation that supports the fight against money laundering in Samoa includes:

• Counter Terrorism Act 2014
• Proceeds of Crime Act 2007
• Mutual Assistance in Criminal Matters Act 2007

The Money Laundering Prevention Regulations 2009 also play a crucial role in enforcing anti-money laundering measures.

Consolidated Version of the MLPA

The consolidated version of the MLPA ensures that all amendments are included up to December 2015, making it easier for banks and financial institutions to comply with regulations. With these stricter measures in place, Samoa aims to prevent illegal activities such as money laundering and terrorist financing, while also maintaining a stable and secure banking environment.

By strengthening its anti-money laundering regulations, Samoa is taking a proactive approach to ensuring the stability and security of its financial sector. This move will help to protect the integrity of the country’s economy and maintain trust in the banking system.