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Financial Crime Prevention Techniques in Solomon Islands Receive Mixed Ratings
A recent assessment of financial crime prevention techniques in the Solomon Islands has revealed a mixed bag of ratings, with some areas receiving top marks and others falling short.
The evaluation, which was conducted by a team of experts, assessed the country’s compliance with the Financial Action Task Force (FATF) Recommendations. The FATF is an inter-governmental body that sets international standards for anti-money laundering and combating the financing of terrorism.
Mixed Ratings Across Various Areas
According to the report, Solomon Islands received mixed ratings across various areas, including:
Assessing Risk and Applying a Risk-Based Approach
- Strengthening its laws and regulations to prevent money laundering and terrorist financing
National Cooperation and Coordination
- Improving customer due diligence and record-keeping practices by financial institutions
Regulation and Supervision of Financial Institutions
- Enhancing the powers of supervisors and law enforcement agencies to combat financial crime
International Cooperation
- Strengthening international cooperation, including mutual legal assistance and extradition
Compliance Ratings
The report gave Solomon Islands compliance ratings as follows:
FATF Recommendations Compliance Status
| Recommendation | Compliance Rating |
|---|---|
| R.1: Assessing risk & applying risk-based approach | Partially Compliant (PC) |
| R.2: National cooperation and coordination | Partially Compliant (PC) |
| R.3: Money laundering offence | Largely Compliant (LC) |
| R.4: Confiscation and provisional measures | Largely Compliant (LC) |
| R.5: Terrorist financing offence | Largely Compliant (LC) |
Next Steps
The Solomon Islands government has pledged to take the evaluation results seriously and to work towards improving its financial crime prevention techniques. The country will also engage with international partners to strengthen its cooperation on anti-money laundering and combating terrorist financing.