Financial Crime World

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BANKS BOOST EFFORTS TO PREVENT FINANCIAL CRIMES IN SOLOMON ISLANDS

The World Bank has announced plans to provide an additional $15 million in funding to support the Solomon Islands government’s efforts to strengthen financial management, address debt issues and prevent financial crimes.

Background

The country continues to recover from a series of economic shocks, including civil unrest and widespread destruction caused by protests and rioting in Honiara last year. The World Bank estimates that the damage totalled around $86 million, or roughly 7% of the nation’s GDP.

New Funding Initiative

“We’re pleased to be standing with Solomon Islanders in meeting the unprecedented economic shocks the country has faced in the past two years,” said Annette Leith, World Bank Resident Representative in Solomon Islands and Vanuatu. “This new support will help Solomon Islands continue to focus on strengthening financial management, improving the business environment, and responding to the significant threats of climate change.”

The funding will be used to support a range of initiatives aimed at preventing financial crimes and promoting transparency and accountability in government procurement processes.

Specific Initiatives

  • Supporting the work of the Solomon Islands Independent Commission Against Corruption
  • Addressing debt issues
  • Improving environmental sustainability, including reducing plastic waste and increasing the number of communities assessed for climate vulnerability and adaptation

The move is part of a larger effort by the World Bank to boost its support to Solomon Islands, with over $130 million in new funding expected to be approved throughout June.

Quotes from Key Figures

“We welcome this additional assistance from the World Bank as the people and government of Solomon Islands respond to the wide-ranging impacts of civil unrest, widespread community transmission of COVID-19, and trade and supply chain issues,” said Rex Ramofafia, Supervising Minister for Finance and Treasury. “This support will also further efforts to improve environmental sustainability – with support for national planning related to climate change and the reduction of plastic waste.”