Solomon_Islands Solomon Islands

New Documents

Two SI Regulators Sign MoU to Oversee Digital Financial Service Providers

The Central Bank of Solomon Islands signed a memorandum of understanding with the Telecommunication Commission of Solomon Islands to enhance regulatory oversight over licensed entities.

May 12, 2022

Solomon Islands Regulator Issues Guidance on Implementing Effective Cybersecurity Controls

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

March 11, 2021

Solomon Islands Central Bank, Others Commit to Facilitating AML/CTF Compliance

December 10, 2020

Solomon Islands Central Bank Highlights Cybersecurity Concerns in 2019 Report

July 9, 2020

Central Bank of Solomon Islands Releases Annual Report on AML/CTF Efforts

June 11, 2020

News

Midweek Roundup: Research Group Linked to Kyiv Missile Attack Used ‘Visa Payment System,’ FinCEN Targets Elder Financial Exploitation, and More

U.K judge dismisses JP Morgan Chase lawsuit, Star Entertainment Group triggers second AML investigation, and more, in the midweek roundup.

June 15, 2022

Midweek Roundup: U.S. Mulls Scrapping HSBC Deal, Maldivian Officials Linked to Laundering Scheme, and More

Mexico’s Supreme Court overturned two state anti-corruption laws, former French minister Jerome Cahuzac appeared in court to face allegations of tax fraud and money laundering, and more, in the midweek roundup.

September 7, 2016

Enforcement Actions

0 Items Found

Key Documents

Solomon Islands Amends POCA, Institutes More Stringent AML Measures

April 21, 2010

Solomon Islands Issues Counter-Terrorism Act 2009

July 17, 2009

Solomon Islands Parliament Enacts Currency Declaration Act

July 29, 2009

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