Samoa: Selected Issues

IMF Staff Country Reports, January 31, 2025

Source details

Canonical URL

Samoa: Selected Issues

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: January 31, 2025
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798229000635.002

Key findings on remittances and AML/CFT risk

• Targeted analysis of money laundering/terrorism financing risks pertaining to remittances to Samoa confirms limited risks.
• Remittances play a crucial role in the Samoan economy and are an important source of income for many households.
• Addressing AML/CFT-related frictions when sending remittances has the potential to reduce remittance costs and save scarce supervisory resources.
• Correspondent banking relationship pressures on remittance service providers are an important consideration given the critical role of remittances.

Operational and regulatory opportunities

• Operationalize existing remittances risk assessments to better target supervision and compliance efforts.
• Streamline applicable anti-money laundering/combating the financing of terrorism (AML/CFT) requirements to reduce unnecessary frictions in remittance flows.
• Enhance cooperation and information exchange between AML/CFT supervisors to:
  • reduce risk;
  • provide regulatory certainty;
  • reduce costs.
• Promote AML/CFT regulatory and legislative harmonization through strengthened supervisory collaboration.

Policy context and considerations

• Recommendations should be considered in the context of broader national objectives to address the unintended consequences of money transfer operator de-banking.
• Due to the critical role of remittances, measures to address correspondent banking relationship pressures on remittance service providers should be considered alongside national objectives in social, labor, and foreign policies.

Subjects and thematic focus

• Anti-money laundering and combating the financing of terrorism (AML/CFT)
• Balance of payments
• Correspondent banking
• Financial sector and financial services
• Remittances and remittance corridors
• Medium taxpayer office; revenue administration
• Australia and New Zealand; Australia labour mobility; Pacific Islands

Source: Samoa: Selected Issues, January 31, 2025 (IMF Staff Country Reports).

Content in this bundle

• Samoa: Selected Issues; IMF Country Report No. 25/33; December 16, 2024
  • Samoa: Selected Issues; IMF Country Report No. 25/33; December 16, 2024 (Markdown version)
  • Samoa: Selected Issues; IMF Country Report No. 25/33; December 16, 2024 (PDF)