Tonga Takes Step in Right Direction Against Financing of Terrorism, Says Global Watchdog
Tonga has made significant progress in combating money laundering and terrorist financing, according to a comprehensive review conducted by the Asia-Pacific Group on Money Laundering (APG).
A Comprehensive Review
The APG reviewed Tonga’s efforts to combat money laundering and terrorist financing, evaluating the effectiveness of its measures to protect its financial system from misuse and its level of compliance with global anti-money laundering standards.
On-Site Assessment
A team of experts from APG visited Tonga from October 22 to November 1, 2019, to conduct an on-site assessment of the country’s systems and procedures. The findings of this review have been endorsed by the Financial Action Task Force (FATF), a global authority on anti-money laundering and combating the financing of terrorism.
Key Findings
According to the report, Tonga has made significant strides in strengthening its financial regulations and institutions. However, there are still areas that require attention and improvement. The report highlights key findings and priority actions for the country to address, which can be found in the Executive Summary.
Priorities for Improvement
Some of the key priorities for improvement include:
- Enhancing customer due diligence procedures
- Improving reporting requirements for suspicious transactions
- Strengthening anti-money laundering training programs
- Increasing cooperation with international partners
Importance of Combating CFT
Tonga’s efforts to combat terrorist financing are crucial in preventing the misuse of its financial system by terrorist organizations and other criminal entities. By strengthening its anti-money laundering and counter-terrorism financing measures, Tonga is not only protecting its own economic stability but also contributing to global efforts to disrupt the financing of terrorism.
Global Impact
Tonga’s progress in combating money laundering and terrorist financing has a significant impact on the global effort to prevent the misuse of financial systems. By working together with international partners to combat these threats, we can create a safer and more stable financial environment for all nations.