Samoa's New AML Policy: Deter, Prevent, Disrupt
Introduction
In a continuous effort to combat money laundering, terrorist financing, and proliferation financing, the Money Laundering Prevention Task Force (MLPTF) in Samoa has released a new National Policy. This policy outlines Samoa's strategic framework against financial crimes over the next four years.
Key Focus Areas
The new policy revolves around FATF recommendations, Samoa's National Risk Assessment (NRA) 2014, and the capabilities of the involved agencies. The core components of this policy are:
- Detection: Proactive measures to identify and disrupt financial crimes.
- Deterrence: Highlighting the robustness of Samoa's AML/CTF/PF systems.
- Prevention: Stopping offending behaviors from repeating.
Capabilities and FATF Recommendations
A strong AML/CTF/PF system requires the following capabilities:
- Detection and disruption
- Deterrent actions
- Preventative strategies
Samoan authorities are committed to:
- Compliance with FATF Recommendations
- Continuous law updates
Combating Financial Crimes
Key Activities
Samoan authorities plan to:
- Investigate and prosecute ML offenses
- Restrain and confiscate proceeds of crime
Prioritizing Prevention
Understanding the limitations of enforcement and regulation, Samoa will focus on:
- Prevention strategies
- Making offenses difficult for offenders
- Proactive detection
Detection: Agencies' Roles
Agencies will:
- Train staff to recognize signs
- Regularly review data holdings
- Share information with other agencies
Deterrence: Emphasizing System Robustness
The focus on deterrence:
- Encourages offenders to avoid targeting Samoa
- Highlights the risks and costs of offending
Prevention: Formulating Strategies
The task force agencies will:
- Review intelligence on offenses
- Develop preventative measures
- Balance individual rights and operational effectiveness
Testing and Cooperation
This policy is regularly tested to ensure effectiveness. Cooperation among agencies is essential for successful prevention, detection, and disruption efforts.
Conclusion
Samoa's AML/CTF National Policy emphasizes deterrence and disruption towards high-risk and professional money launderers, allocating resources accordingly.
Acronyms:
| Acronym | Definition |
|---|---|
| AML | Anti-Money Laundering |
| CTF | Counter Terrorist Financing |
| CPF | Counter Proliferation Financing |
| FATF | Financial Action Task Force |
| MLPA | Money Laundering Prevention Authority |
| ML | Money Laundering |
| NRA | National Risk Assessment 2014 |
| PF | Proliferation Financing |
| SFIU | Samoa Financial Intelligence Unit |
| STR | Suspicious Transaction Report |
| Task Force | Money Laundering Prevention Task Force |
| TF | Terrorist Financing |