Samoan Authorities Implement Anti-Money Laundering and Counter-Financing of Terrorism Regulations Across Country

Samoan authorities have implemented a complex network of regulations to prevent financial crimes, with the Money Laundering Prevention Authority (MLPA) at its core.

The Money Laundering Prevention Authority

The MLPA was established under section 4(2) of the Money Laundering Prevention Act and is headed by the Governor of the Central Bank of Samoa. The Authority plays a key role in implementing and regulating anti-money laundering provisions, ensuring that financial institutions comply with regulations to prevent money laundering and terrorist financing.

The Money Laundering Prevention Task Force

The Money Launderling Prevention Task Force (MLPTF) is an advisory body to the MLPA, providing expert advice on issues related to money laundering and terrorism financing. Comprising high-ranking officials from various government agencies and departments, including law enforcement, finance, commerce, and immigration, the Task Force aims to:

• Foster close liaison between government agencies
• Recommend policies to combat financial crimes

The Financial Intelligence Unit (FIU)

The FIU is part of the Central Bank of Samoa and plays a crucial role in collecting, analyzing, and disseminating information on suspicious transactions and activities that may be linked to money laundering or terrorist financing. The FIU’s work is guided by international standards and best practices in anti-money laundering and counter-terrorism financing.

Task Force for Money Laundering Prevention

Samoan authorities have established a Task Force to provide expert advice on issues related to money laundering and terrorism financing, comprising high-ranking officials from various government agencies and departments, including:

• Law enforcement
• Finance
• Commerce
• Immigration

This collaborative effort aims to prevent financial crimes and protect the integrity of the Samoan financial system.