According to the Central Bank of Samoa Act 1984, the Central Bank is the successor to the Monetary Board of Samoa and for purposes connected therewith. It is responsible for formulating and implementing monetary policy and the following:
regulating issue supply availability and international exchange of money;
advising the government on banking and monetary matters;
promoting internal and external monetary stability;
promoting a sound financial structure;
promote credit and exchange conditions conducive to the orderly and balanced economic development of Samoa;
supervising, regulating banking business and the extension of credit; and
implementing counter-measures against money laundering such as to deter, detect and criminalized money laundering activities.
The Central Bank of Samoa has the authority and power to function under other legislation:
- Money Laundering Prevention Act 2007: The Central Bank is the primary supervisor under this act, to provision and ensure the prevention of money laundering and to repeal the Money Laundering Prevention Act 2000
- Financial Institutions Act 1996: The Central Bank administers this act, to provide for the licensing and supervision of financial institutions in Samoa, and matters connected therewith and incidental thereto and to amend relevant provisions of the Central Bank of Samoa Act 1984.
- Consolidated version means that all amendments have been included in the legislation. For example, these are consolidated versions as at December 2015, which means that the Money Laundering Prevention Act 2007 has all the amendments included in the Act and consolidated up to December 2015. If there are amendments to this law that were done in November 2015, then it has been inserted and consolidated into the Money Laundering Prevention Act 2007.