Financial Crime World

Title: FATF evaluates Solomon Islands’ Progress in Anti-Money Laundering and Counter-Terrorist Financing Measures

Subtitle: APG publishes report on Solomon Islands’ mutual evaluation

The Asia/Pacific Group on Money Laundering (APG), a regional body of the Financial Action Task Force (FATF), has assessed the Solomon Islands’ implementation of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures.

Solomon Islands undergoes Mutual Evaluation

The Solomon Islands, as an APG member, underwent a mutual evaluation to assess the effectiveness of its AML/CFT system and identify potential vulnerabilities. The APG reports on the evaluation are publicly available on their website (www.apgml.org).

Key Findings from the Report

The mutual evaluation examined several aspects of the Solomon Islands’ AML/CFT framework, such as:

  1. Legal and Regulatory Framework
  2. Risk Assessment
  3. International Cooperation
  4. Effectiveness of Operational Measures

The assessment identified several areas for improvement, including:

  • Strengthening the risk-based approach to AML/CFT
  • Enhancing investigative and prosecutorial capacity
  • Improving the effectiveness of the suspicious transaction reporting mechanism

APG’s Recommendations

The APG urged the Solomon Islands to address the identified weaknesses and recommended increased monitoring until satisfactory progress is made.

About the FATF and APG

The Financial Action Task Force on Money Laundering (FATF) is an international organization that sets standards for combating money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction. FATF has 39 member countries and regional bodies like the APG, Caribbean Financial Action Task Force, and Eastern and Southern Africa Anti-Money Laundering Group.

For more information on the FATF and its work, visit the FATF website (fatf-gafi.org). The site is currently available in both English and French. Follow the FATF on social media, including Twitter, Facebook, Instagram, and LinkedIn for the latest news and developments.