24 Feb 2016

Samoa crackdown on money laundering

4:10 pm on 24 February 2016

Samoa's Central Bank's financial intelligence unit is trying to identify local and overseas money launderers who may be using Samoa as a stagepost in their money laundering process.

This comes after a report on money laundering commended Samoa for progress made in previous years but it needs to undergo certain activities and actions.

The Central Bank of Samoa governor, Maiava Atalina Emma Ainu'u Enari, who is also the head of the Money Laundering Prevention Authority, says the financial intelligence unit knows most entities that will be examined under the operation are doing the right thing.

But she says it is the 1 percent who are operating outside the laws who are on notice.

The Bank says the unit expects all financial institutions that come under the Money Laundering Prevention Act 2007 to know their obligations.

It says they should prepare for a heightened level of scrutiny of their transactions, records and anti money laundering processes during the operation.