Tonga Reels In Effective Anti-Money Laundering Policies, Says APG Assessment

Comprehensive Review Yields Promising Results

A recent assessment of Tonga’s anti-money laundering and terrorist financing measures has yielded promising results, with the country scoring high on its commitment to protecting the financial system from abuse. The Asia-Pacific Group (APG) conducted a comprehensive review in October-November 2019, examining the effectiveness of Tonga’s policies and procedures in preventing money laundering and terrorist financing.

Key Findings and Priority Actions

The assessment revealed key findings and priority actions that will guide Tonga’s efforts to strengthen its anti-money laundering framework. According to APG, these include:

• Effective commitment: Tonga has demonstrated a strong commitment to protecting the financial system from abuse.
• Progress made: The country has made significant progress in bolstering its defenses against financial crimes.

Industry Insiders Weigh In

Industry insiders say that the review highlights the significant progress made by Tonga in strengthening its anti-money laundering framework. While details of the report are available in the executive summary, this assessment provides a positive outlook on Tonga’s efforts to combat financial crime.

Global Recognition and Endorsement

The APG assessment was subsequently endorsed by the Financial Action Task Force (FATF), a global standard-setter for anti-money laundering and counter-terrorist financing measures. This endorsement underscores Tonga’s commitment to adhering to international standards and best practices in combating financial crimes.

Overall, this comprehensive review provides a positive outlook on Tonga’s efforts to combat financial crime and protect the financial system from abuse.