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SAMOA TIGHTENS FINANCIAL SANCTIONS ENFORCEMENT

In an effort to strengthen its financial sanctions enforcement regime, Samoa has taken a series of measures aimed at combating money laundering and terrorist financing.

Risk-Based Approach Assessments

According to sources within the government, Samoa has implemented risk-based approach assessments to identify high-risk areas and individuals. This move is crucial in preventing the misuse of the financial system for illicit activities.

National Cooperation and Coordination

National cooperation and coordination have also been stepped up, with various agencies working together to share information and resources to combat financial crimes.

Strengthened Laws and Regulations

The government has strengthened laws related to money laundering and terrorist financing, making it a criminal offense to engage in such activities. Confiscation and provisional measures have also been put in place to freeze assets suspected of being linked to illicit activities.

Targeted Financial Sanctions

Targeted financial sanctions have been imposed on individuals and entities deemed to be supporting terrorism or proliferation. The sanctions aim to cut off their access to the financial system, thereby disrupting their ability to fund their activities.

Scrutiny of Non-Profit Organizations

Non-profit organizations have also been brought under scrutiny, with the government requiring them to demonstrate transparency in their financial dealings.

Improved Customer Due Diligence and Record Keeping

The country has taken steps to improve customer due diligence and record keeping by financial institutions. Politically exposed persons are now subject to enhanced scrutiny, while correspondent banking relationships are being reviewed to prevent abuse.

Measures to Combat New Technologies

In addition, the government has implemented measures to combat the use of new technologies for illicit activities, such as wire transfers and online transactions.

Strengthened Internal Controls and Foreign Branches

The authorities have also strengthened internal controls and foreign branches and subsidiaries of financial institutions. Higher-risk countries have been identified and targeted measures put in place to mitigate the risk of financial crimes emanating from these jurisdictions.

Reporting of Suspicious Transactions

Reporting of suspicious transactions has been enhanced, with financial institutions required to report all suspicious activity to the relevant authorities. Tipping-off and confidentiality laws have also been strengthened to prevent leaks and ensure that information shared is kept confidential.

Empowered Financial Intelligence Unit

The country’s Financial Intelligence Unit has been empowered to gather and analyze data on financial transactions, while law enforcement agencies have been given greater powers to investigate and prosecute financial crimes.

Stricter Regulations for Cash Couriers

Cash couriers are now subject to stricter regulations, while statistics on financial crime have been improved to better track and monitor the problem.

Guidance and Feedback Mechanisms

Guidance and feedback mechanisms have also been put in place to ensure that financial institutions and other stakeholders are aware of their responsibilities under the new regime.

International Cooperation

The government has also imposed targeted sanctions on individuals and entities deemed to be supporting terrorism or proliferation. International cooperation has been strengthened through mutual legal assistance agreements, extradition treaties, and other forms of international cooperation.

Conclusion

These measures are seen as a significant step forward in Samoa’s efforts to combat money laundering and terrorist financing, and to protect its financial system from abuse.