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In June 2000, the
Money Laundering Prevention Act came into force, following its
passage by Parliament. The Act creates as a criminal offence the
act of money laundering and stipulates the conviction of any
person if found guilty , to a fine not exceeding $1.0 million or
imprisonment for a period not exceeding seven years or to both
The vulnerability
of the Samoan financial system to money laundering is highly
recognized. The threat that money laundering could pose to
national stability and credibility, highlights the significant
importance to Samoa of implementing such legislation to combat
money-laundering activities. Furthermore, it demonstrates to the
international community Samoa's commitment to support the global
efforts in the fight against money laundering.
Under the Money
Laundering Prevention Act 2000, the Money Laundering Prevention
Authority (MILPA), which supervises the financial institutions,
shall be appointed by the Minister of Finance. But, until such
time, the function of the Authority shall be carried out by the
Central Bank
In its efforts to
promote the awareness and understanding of the public and
interested stakeholders on money laundering issues, the Central
Bank made several publications and press releases in this regard.
A seminar was also held with all the financial institutions and
relevant agencies covered under the Act, to further promote their
understanding with respect to their specific obligations under the
Money Laundering Prevention Act 2000.
On the
international scene, Samoa was formally accepted in june 2000 as a
member of the Asia Pacific Group on Money Laundering (APG),
multilateral body established with broad objectives to combat
money laundering.
Also, a commitment
was made by the Government to the United Nations Office for Drug
Control and Crime Prevention (UNODCCP) to adhere to certain
minimum performance standards and has expressed agreements with the
goals of the UN Global Programme against Money Laundering.
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