Samoan Anti-Money Laundering Laws Toughened Up

The Samoan government has taken a significant step to strengthen its anti-money laundering framework by consolidating all amendments into one legislation.

Consolidation of Money Laundering Prevention Act 2007 (MLPA)

The MLPA now includes all updates up to December 2015. This consolidated version aims to improve the country’s ability to combat money laundering and terrorist financing.

Key Responsibilities

Under the new consolidated version, the Central Bank of Samoa (CBS) is responsible for administering the law. To achieve this, the CBS has introduced several regulations and guidelines.

• Money Laundering Prevention Regulations 2009: Issued by the Authority
• Money Laundering Prevention Guidelines 2010: Provides further clarification on the implementation of the MLPA

Supporting Legislation

Other key legislation in Samoa also plays a crucial role in combating money laundering:

• Counter Terrorism Act 2014: Significant in this regard
• Proceeds of Crime Act 2007: Important for confiscating proceeds from crime

International Cooperation

The Mutual Assistance in Criminal Matters Act 2007 facilitates international cooperation in fighting financial crimes, including money laundering.

Commitment to Prevention

These laws demonstrate Samoa’s commitment to preventing money laundering and ensuring that its financial system remains safe and secure. By strengthening its anti-money laundering framework, the country is taking a proactive approach to combating financial crimes.