Financial Crime World

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Solomon Islands Lags Behind in Sanctions Compliance, Says FATF Report

The Financial Action Task Force (FATF) has released its latest report on Solomon Islands’ implementation of anti-money laundering and combating terrorist financing (AML/CFT) measures, revealing significant shortcomings in sanctions compliance.

Key Findings

According to the report, Solomon Islands scored poorly in several key areas, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Powers of supervisors

The country was also found to be non-compliant in several areas, including:

  • Financial intelligence units
  • Responsibilities of law enforcement and investigative authorities
  • International instruments

Ratings

Solomon Islands’ poor performance is reflected in its ratings, which are based on the extent to which it has implemented the technical requirements of the FATF Recommendations. The country scored poorly across the board under the categories of “compliant”, “largely compliant”, “partially compliant” and “non-compliant”.

Specific Areas of Non-Compliance

Solomon Islands was found to be non-compliant in areas such as:

  • Confiscation and provisional measures
  • Terrorist financing offence
  • International instruments

It was also partially compliant in areas such as:

  • Customer due diligence
  • Record keeping
  • Internally controls and foreign branches and subsidiaries

Recommendations for Improvement

The report highlights several key areas where Solomon Islands needs to improve its sanctions compliance, including:

  • Implementing effective systems for assessing risk and applying a risk-based approach
  • Strengthening national cooperation and coordination
  • Enhancing the powers of supervisors

Implications

Solomon Islands’ authorities have been called upon to address these shortcomings and bring the country into line with international standards on AML/CFT. The report’s findings are likely to have significant implications for the country’s financial sector and its ability to attract foreign investment.

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