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Solomon Islands Make Strides in Anti-Money Laundering Efforts Following APG Membership

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The Pacific island nation of Solomon Islands joined the Asia/Pacific Group on Money Laundering (APG) in May 2007, marking a significant milestone in its commitment to combating money laundering and terrorism financing. The country is currently building its anti-money laundering (AML) and countering the financing of terrorism (CFT) system in line with international standards.

Strengthening Anti-Money Laundering Framework

Legislation has been enacted in the Solomon Islands concerning serious money laundering offenses, demonstrating the government’s determination to strengthen its AML framework. The country’s progress was evaluated during its second Mutual Evaluation in October-November 2018, which assesses the effectiveness of AML/CFT measures against the Financial Action Task Force (FATF) recommendations.

Comprehensive Report on Solomon Islands’ AML/CFT System

The comprehensive report on Solomon Islands’ AML/CFT system was adopted by the APG in August 2019 and is accessible to the public under Members and Observers and Mutual Evaluation Reports - 3rd Round in the APG website’s Documents section. The evaluation covered key areas such as:

• Risk assessment
• Legal framework
• Law enforcement
• Financial sector supervision
• International cooperation

The report provides valuable insights into the country’s current AML/CFT structure and potential areas of improvement.

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