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Tonga Falls Short in Global Standards for Combating Financial Crime

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Tonga’s efforts to combat money laundering and terrorist financing have been found wanting by international watchdog group APG.

Assessment Reveals Shortfalls in Meeting Global Standards

In a comprehensive review conducted between October 22nd and November 1st, 2019, APG evaluated Tonga’s measures to protect its financial system from abuse and compliance with FATF Recommendations. The findings of this assessment have been reviewed and endorsed by the Financial Action Task Force (FATF).

Key Findings:

• Tonga’s performance has raised concerns about the country’s ability to prevent and detect financial crimes, including money laundering and terrorist financing.
• The assessment identified areas where Tonga falls short in meeting global standards for combating financial crime.

Expert Opinion: Concerns Raised About Tonga’s Ability to Combat Financial Crime

According to experts, Tonga’s shortcomings in combating financial crime are a cause for concern. The country needs to take concrete steps to improve its measures and ensure that its financial system is not exploited by criminals.

Priority Actions for Improvement:

• Implement additional measures to prevent and detect money laundering and terrorist financing.
• Enhance cooperation with international partners to combat financial crime.
• Review and strengthen existing laws and regulations related to combating financial crime.

Access the Full Report

The full report, which includes key findings and priority actions for improvement, is available in an executive summary on APG’s website.