Key Documents

April 21, 2010

July 17, 2009

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)

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Rank : 77/180

Score : 42/100

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