Solomon Islands

New Documents

The Central Bank of Solomon Islands released its annual Financial Stability Report, highlighting risks and challenges to the financial sector in the year 2019.

The Central Bank of Solomon Islands published its 2019 annual report, focusing on the bank’s efforts to develop regulatory measures aimed at combating financial risks and better monitoring of anti-money laundering and counterterrorist financing compliance. 

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels the Solomon Islands as a monitored jurisdiction. The Solomon Islands is not considered a major financial center. Its relatively stable banking system is closely integrated with the financial systems of Australia and New Zealand. Generally, the risk of money laundering and terrorism financing in the country is very low given its isolated geographic location and small community, which preclude anonymity. However, corruption continues to be the main source of illegal proceeds. A risk assessment conducted by the Solomon Islands Financial Intelligence Unit found that money laundering is often associated with fraud, illegal logging, fishing, and robbery. Foreign destinations for laundered proceeds include China, Australia, Malaysia and Singapore. Smuggling, proliferation of counterfeit goods, customs fraud and tax evasion are also common in the country.
  • KYC Covered Entities: Banks, credit institutions, credit unions, insurance and securities companies, casinos, and bullion dealers
  • STR Covered Entities: Banks, credit institutions, bullion dealers, credit unions, casinos, and insurance companies and intermediaries
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2014); Convictions: 0 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 4 High : 0
Largely Compliant : 8 Substantial : 0
Partially Compliant : 17 Moderate : 3
Non-Compliant : 11 Low : 8

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : 77/180
Score : 42/100

Tax Justice Network i

Rank : N/A
Score : N/A