Solomon Islands

New Documents

The Central Bank of Solomon Islands’ Financial Systems Regulation Department issued guidance to financial institutions’ concerning their cybersecurity obligations.

The Central Bank of Solomon Islands participated in the South Pacific Central Bank Governors Forum, which involved nine regional central banks and focused on efforts to develop tools to facilitate 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