The Solomon Islands’ Anti-Money Laundering Efforts Under Scrutiny

The Pacific nation has made significant strides in developing its anti-money laundering (AML) and combating the financing of terrorism (CFT) system, with a focus on tackling serious financial crimes.

Background

Since joining the Asia-Pacific Group on Money Laundering (APG) in May 2007, the Solomon Islands has enacted AML laws to combat illicit activities. The country’s progress was evaluated through a second Mutual Evaluation in October-November 2018.

Report Highlights

The APG adopted the report in August 2019, providing valuable insights into the country’s progress. The full report is now available online, offering a comprehensive assessment of the Solomon Islands’ AML and CFT framework.

• Key findings:
  • The Solomon Islands has made significant strides in developing its AML/CFT system
  • Enacted AML laws to combat illicit activities
  • Implemented measures to tackle serious financial crimes

Future Directions

The report highlights areas for improvement, including:

• Enhancing customer due diligence and ongoing monitoring
• Strengthening the reporting of suspicious transactions
• Improving cooperation between relevant authorities

By addressing these areas, the Solomon Islands can further enhance its AML/CFT framework and strengthen its efforts to combat financial crimes.