Financial Crime World

International Cooperation on Financial Crime in Solomon Islands Takes Centre Stage

Strengthening Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Supervision in the Region

A knowledge exchange program between the Solomon Islands Financial Intelligence Unit (SIFIU) and the Republic of Marshall Islands Financial Intelligence Unit (RMI FIU) has kicked off, aimed at strengthening AML and CFT supervision in the region. The four-day mentoring program is facilitated by the United Nations Development Programme (UNDP) Pacific Office.

Objectives

  • Share expertise and best practices between SIFIU and RMI FIU supervisors
  • Focus on areas of mutual interest, including:
    • Strengthening compliance
    • Enhancing policy and supervision
    • Knowledge exchange
    • Collaboration

This initiative builds on the success of previous regional knowledge exchanges between Cook Islands and Papua New Guinea, supported by UNDP’s Pacific Anti-Corruption Project. SIFIU officers have previously participated in attachments with their counterparts from Papua New Guinea FIU and Cook Islands FIU, gaining valuable insights into different approaches and best practices.

Commitment to Addressing Financial Crime

“The Pacific region is committed to sharing expertise and best practice to strengthen capacity in the supervision of AML/CFT,” said Rustam Pulatov, Team Leader for Effective Governance and Inclusive Growth with UNDP Pacific.

Importance of Regional Financial Intelligence Units

Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year, over one thousand times larger than Solomon Islands’ economy. The British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward, emphasized the importance of regional financial intelligence units in combating financial crime.

Exchange Program Benefits

Antonio Debrum, Compliance Officer with RMI FIU, praised the exchange program for its potential to greatly assist in supporting future activity with his organization. “This exchange will improve and add further value to our current AML/CFT supervision practices, and we look forward to putting this newfound knowledge into practice,” he said.

Conclusion

The program is expected to conclude on February 15. For further media enquiries, please contact Nick Turner, Communications and Advocacy Specialist at UNDP Pacific Office in Fiji, at +679 971 6458 or nicholas.turner@undp.org.