Samoa

New Documents

The Central Bank of Samoa issued a press release highlighting its participation in the United Nations Digital Finance Task Force, which recently published a report on ways to harness the digitization of finance to support a sustainable future.

The Central Bank of Samoa issued a series of nine frequently asked questions to provide regulated entities with additional information concerning the filing of cash transactions reports.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Samoa as a monitored jurisdiction. Samoa is not known to have major organized crime, fraud or drug problems. In fact, because the local economy and banking sector are small, Samoa has not become a haven for money laundering or terrorism financing. There is also no significant evidence of large scale public corruption or black market activity. The most common financial crimes within the country are low-level fraud and theft. There are four locally incorporated commercial banks that the Central Bank of Samoa supervises. There is one casino in operation, and one additional license the government has yet to allocate.
  • KYC Covered Entities: Banks, money remitters, casinos, real estate agents, lawyers, accountants, trust and company service providers, credit unions, foreign exchange dealers, dealers of precious metals and stones, and insurance companies
  • STR Covered Entities: Banks, casinos, real estate agents, lawyers, accountants, foreign exchange dealers, money remitters, credit unions, dealers of precious metals and stones, trust and company service providers, and insurance companies
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2015); Convictions: 2 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 5 High : 0
Largely Compliant : 15 Substantial : 1
Partially Compliant : 18 Moderate : 6
Non-Compliant : 2 Low : 4

Samoa's technical compliance was re-rated in a Sept. 5, 2018 follow-up report

BASEL i

Rank : 84/162
Score : 5.78/10

TRANSPARENCY INTERNATIONAL i

Rank : 50/174
Score : 52/100

Tax Justice Network i

Rank : 86/133
Score : 75/100