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Financial Regulation Compliance in Samoa Needs Strengthening, Report Says

A recent report assessing financial sector supervision and regulation in Samoa has identified areas where compliance with international standards needs improvement.

Strengthening Supervision of Domestic Banks

According to the report, while Samoa’s legal and institutional frameworks have improved significantly, there are still gaps in the country’s financial regulatory system. Specifically, the supervision of domestic banks could be strengthened by issuing additional guidance on risk-taking activities and corporate governance.

Enhancing Operational Independence of SIFA

The report also recommends enhancing the operational independence of the Samoa International Finance Authority (SIFA), which is responsible for supervising international banks operating in the country.

Improved Anti-Money Laundering and Combating the Financing of Terrorism Measures

The report highlights the need for improved anti-money laundering and combating the financing of terrorism (AML/CFT) measures in Samoa’s financial system. It emphasizes that AML/CFT compliance is critical to prevent the misuse of the country’s financial sector for illicit activities.

Areas for Improvement

While Samoa has made progress in implementing international banking standards, including the Basel Core Principles, there are still areas where improvement is needed. The report concludes that a comprehensive review of the country’s financial regulatory framework and supervision practices is necessary to ensure the integrity and stability of its financial system.

Conclusion

The assessment was conducted by [insert organization name] and forms part of a series of reports on financial sector supervision and regulation in Pacific Island countries.