Solomon Islands to share Anti-Money Laundering Expertise with Marshall Islands counterparts in Honiara

February 13, 2024

Honiara, Solomon Islands: The United Nations Development Programme (UNDP) Pacific Office is this week facilitating a knowledge exchange program between the Solomon Islands Financial Intelligence Unit (SIFIU) and the Republic of the Marshall Islands Financial Intelligence Unit (RMI FIU).

This initiative – which aims to strengthen the capacity of the RMI FIU in conducting Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) supervision – builds on the success of similar exchanges between Cook Islands and Papua New Guinea. This work is supported by the Government of the United Kingdom, via the UNDP-implemented Pacific Anti-Corruption Project.

SIFIU is currently hosting two AML and CFT supervisors from the RMI FIU for a four-day mentoring program, with the peer-to-peer learning opportunity to focus on areas of mutual interest, including strengthening compliance, enhancing policy and supervision, knowledge exchange and collaboration, and the promotion of regional cooperation in combating financial crime.

As noted, this program builds on the success of previous regional knowledge exchanges supported by UNDP. In 2023, SIFIU officers participated in attachments with the Papua New Guinea FIU and the Cook Islands FIU, gaining valuable insights into different approaches and best practice.

The exchange with colleagues from RMI furthers the Pacific Anti-Corruption Project’s ethos of pursuing North-South exchange, ensuring that regional capacity in the supervision of AML/CFT is strengthened throughout the Pacific.

Rustam Pulatov, Team Leader – Effective Governance and Inclusive Growth with UNDP Pacific said:

“This initiative demonstrates the Pacific region's commitment to working together to address the serious threat posed by money laundering and terrorism financing. Through sharing expertise and best practice, the project will strengthen the capacity of all Pacific Island countries to effectively tackle these challenges in our collective efforts to stamp out corruption and promote effective governance for all,” he said.

British High Commissioner to Solomon Islands and Nauru, His Excellency Thomas Coward, added:

“This is a crucial time for Financial Intelligence Units across the Pacific. Money laundering and other illicit financial flows are estimated to be over US$1.6 trillion per year, over one thousand times larger than Solomon Islands economy.

“This is an important regional concern as a recent Transparency International survey found that 90 percent of people across the Pacific are concerned about corruption. Regulation needs to be tough to prevent illegal flows and smart to ensure these regimes don’t exclude people from the financial system. The UK is proud to support regional financial intelligence units to innovate and cooperate to meet these challenges and is excited to partner with the Solomon Islands Financial Intelligence Units who are at the forefront of this work.”

Antonio Debrum, Compliance Officer with the RMI FIU, said the exchange would greatly assist in supporting future activity with his organization. He said that the program would improve and add further value to current AML/CFT supervision practices within his organization.

“This exchange will greatly assist in enhancing our knowledge and expertise on risk-based supervision practices, and we look forward to putting this newfound knowledge into practice with our work across the RMI,” he said.

The program concludes on 15 February.

For further media enquiries please contact:

Nick Turner, Communications and Advocacy Specialist, UNDP Pacific Office in Fiji. (P) +679 971 6458 - (E) nicholas.turner@undp.org