Financial Crime World

WALLIS AND FUTUNA TIGHTENS BELT ON ANTI-MONEY LAUNDERING REGULATIONS

In a bid to combat the growing threat of financial crimes in Wallis and Futuna, the government has strengthened its anti-money laundering (AML) regulations. A series of legislative measures have been implemented to enhance transparency and accountability in the financial sector.

New Regulations Introduced

The latest development comes in the form of ML (Amendment of Schedule) Notice No 86 of 2023, which was published on November 20, 2023. This notice amends the schedule to the Money Laundering and Proceeds of Crime Act 2008, introducing new requirements for financial institutions and designated non-financial businesses and professions.

Key Measures Implemented

  • The Money Laundering and Proceeds of Crime Act 2008, which came into effect in 2009
  • Subsequent amendments such as ML Regulations No. 29 of 2019 and Money Laundering (Amendment) Regulations No. 38 of 2019
  • Guidelines for financial institutions, including:
    • Money Laundering (Financial Sanction Related to Terrorist of Proliferation) Guidelines No. 6 of 2022
    • Money Laundering (Politically Exposed Persons) Guidelines 152 of 2015

Benefits of Strengthened Regulations

Experts believe that the strengthened regulations will help to reduce the risk of money laundering and terrorist financing in Wallis and Futuna, while also enhancing transparency and accountability in the financial sector. The measures are expected to have a positive impact on the country’s reputation as a responsible jurisdiction, which is critical for attracting foreign investment and maintaining economic stability.

Monitoring and Compliance

The government has pledged to continue monitoring the effectiveness of its AML regulations and making adjustments as necessary to stay ahead of emerging threats. In the meantime, financial institutions and other stakeholders are being urged to familiarize themselves with the new requirements and ensure compliance with the latest regulations.

Conclusion

Wallis and Futuna’s strengthened anti-money laundering regulations demonstrate a commitment to combating financial crimes and enhancing transparency in the financial sector. The measures are expected to have a positive impact on the country’s reputation and economic stability, and experts believe that they will help to reduce the risk of money laundering and terrorist financing.