IMF Staff Country Reports

Samoa: Assessment of Financial Sector Supervision and Regulation including Report on the Observance of Standards and Codes on Banking Supervision

Publication Date:

June 29, 2007

Electronic Access:

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Summary:

This assessment of Financial Sector Supervision and Regulation for Samoa provides an overview of legal and institutional frameworks. 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 and corporate governance. Consideration should be given to enhancing the operational independence of the Samoa International Finance Authority (SIFA) to supervise international banks.

Series:

Country Report No. 2007/221

Subject:

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