Samoa: Assessment of Financial Sector Supervision and Regulation including Report on the Observance of Standards and Codes on Banking Supervision
IMF Staff Country Reports, June 29, 2007
Source details
- Canonical URL
- Samoa: Assessment of Financial Sector Supervision and Regulation including Report on the Observance of Standards and Codes on Banking Supervision
Other formats
Bibliographic details
- Published: June 29, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451840759.002
Executive summary and main findings
- This assessment provides an overview of legal and institutional frameworks for financial sector supervision and regulation in Samoa.
- Compliance with the Basel Core Principles (BCPs) for the supervision of international and domestic banks has improved considerably.
- Supervision of domestic banks should be strengthened further through issuance of additional guidance on:
- banks’ risk-taking activities
- corporate governance
- Consideration should be given to enhancing the operational independence of the Samoa International Finance Authority (SIFA) to supervise international banks.
Policy recommendations and institutional priorities
- Issue additional supervisory guidance to domestic banks focused on:
- risk-taking activities
- corporate governance
- Consider measures to enhance the operational independence of SIFA to improve supervision of international banks.
Scope, subjects, and keywords
- Subject areas covered:
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Bank supervision
- Banking
- Crime
- Financial institutions
- Financial regulation and supervision
- Financial services
- Foreign banks
- International banking
- Offshore financial centers
- Keywords included in the assessment:
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Asia and Pacific
- authority
- bank
- Bank supervision
- banks' compliance
- CBS's relationship
- CFT regime
- CR
- domestic bank
- Foreign banks
- IBA to SIFA
- ISCR
- legal power
- lending
- offshore bank
- Offshore financial centers
- responsibility of the Samoa International Finance Authority
- Samoa
- shell bank
- SIFA personnel
- SIFA's function