Financial Crime World

Samoa Steps Up Efforts to Combat Money Laundering with New Software

Strengthening Anti-Money Laundering Regime

In an effort to combat money laundering and terrorist financing, Samoa has established the Money Laundering Prevention Authority (MLPA) under the direction of the Governor of the Central Bank. The MLPA is responsible for implementing and regulating provisions outlined in Samoa’s money laundering prevention act.

Establishing a Key Advisory Body

The authority has set up the Money Laundering Prevention Task Force, a key advisory body comprising high-ranking officials from various government agencies, departments, and financial institutions. The task force aims to foster close collaboration between government entities and the Financial Intelligence Unit (FIU) to effectively combat money laundering and terrorist financing.

Members of the Task Force

  • Chair: Governor of the Central Bank
  • Representatives:
    • Attorney-General’s office
    • Police Commissioner
    • CEO of Samoa International Finance Authority (SIFA)
    • Heads of Customs and Immigration departments
    • Director of the FIU
    • CEOs of Ministry of Commerce, Industry & Labour (MCIL) and Ministry of Finance (MOF)
    • Other appointed members

The Financial Intelligence Unit (FIU)

The Financial Intelligence Unit is a key component of the Central Bank’s efforts to detect and prevent money laundering. As part of its mandate, the FIU provides critical intelligence on suspicious transactions and activities to help authorities take prompt action against potential money laundering schemes.

Enhancing Anti-Money Laundering Capabilities

In recent times, Samoa has taken significant strides in enhancing its anti-money laundering capabilities. The country has implemented various measures aimed at preventing the misuse of its financial system for illicit purposes. With the establishment of the MLPA and task force, Samoa is poised to further strengthen its defenses against money laundering and terrorist financing, ensuring a safer and more secure financial environment for all stakeholders.