Financial Intelligence Units Strengthen Ties Through Knowledge Exchange Programme in Solomon Islands
A knowledge exchange program between the Solomon Islands Financial Intelligence Unit (SIFIU) and the Republic of the Marshall Islands Financial Intelligence Unit (RMI FIU) has kicked off, aimed at strengthening the capacity of RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision.
Initiative Facilitated by UNDP Pacific Office
The initiative is facilitated by the United Nations Development Programme (UNDP) Pacific Office and supported by the Government of the United Kingdom through the UNDP-implemented Pacific Anti-Corruption Project. The program builds on the success of similar exchanges between Cook Islands and Papua New Guinea.
Focus Areas
SIFIU is currently hosting two AML and CFT supervisors from RMI FIU for a four-day mentoring program, focusing on areas such as:
- Strengthening compliance
- Enhancing policy and supervision
- Knowledge exchange
- Collaboration
- Promoting regional cooperation in combating financial crime
Importance of North-South Exchange
The exchange with colleagues from RMI furthers the Pacific Anti-Corruption Project’s ethos of pursuing North-South exchange, ensuring that regional capacity in the supervision of AML/CFT is strengthened throughout the Pacific. Rustam Pulatov, Team Leader - Effective Governance and Inclusive Growth with UNDP Pacific, noted that this initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing.
Regional Impact
British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward, added that this is a crucial time for Financial Intelligence Units across the Pacific, as 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.
Value of Exchange
Antonio Debrum, Compliance Officer with the RMI FIU, said that the exchange would greatly assist in supporting future activity with his organization, improving and adding further value to current AML/CFT supervision practices within his organization. The program concludes on 15 February.