Financial Crime World

Combating Terrorist Financing Methods a Top Priority for Marshall Islands

The Republic of the Marshall Islands (RMI) is taking a proactive approach to combating terrorist financing methods, and it’s getting some valuable help from its Pacific neighbors. The United Nations Development Programme (UNDP) Pacific Office is facilitating a knowledge exchange program between the Solomon Islands Financial Intelligence Unit (SIFIU) and the RMI Financial Intelligence Unit (RMI FIU).

Strengthening Capacity through Peer-to-Peer Learning

The four-day mentoring program brings together two AML and CFT supervisors from the RMI FIU with SIFIU officers to share expertise and best practices. The focus areas include:

  • Strengthening compliance: Enhancing policies and procedures to prevent money laundering and terrorist financing.
  • Enhancing policy and supervision: Developing effective strategies for monitoring and supervising financial institutions.
  • Knowledge exchange and collaboration: Sharing experiences and ideas on how to combat financial crime.
  • Promoting regional cooperation: Fostering partnerships among Pacific Island countries to tackle common challenges.

A Collective Effort to Combat Financial Crime

The initiative demonstrates the Pacific region’s commitment to working together to address the serious threat posed by money laundering and terrorism financing. Through sharing expertise and best practices, the project aims to strengthen the capacity of all Pacific Island countries to effectively tackle these challenges.

Quotes from Key Stakeholders

  • “This initiative highlights the importance of regional cooperation in combating financial crime,” said Rustam Pulatov, Team Leader - Effective Governance and Inclusive Growth with UNDP Pacific.
  • “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,” emphasized British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward.
  • “This exchange will greatly assist in enhancing our knowledge and expertise on risk-based supervision practices, and we look forward to putting this newfound knowledge into practice with our work across the RMI,” said Antonio Debrum, Compliance Officer with the RMI FIU.