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(Dec 02, 2007) Samoa has enacted new anti-money laundering legislation. This includes:

  1. Money Laundering Prevention Act 2007, which establishes a Money Laundering Prevention Task Force and a legislative basis for Samoa's Financial Intelligence Unit; increases the amount of money (cash or negotiable instruments) at a border crossing that requires mandatory reporting, now WST20,000 (approximately US$7,490); and imposes obligations on financial institutions to verify the identity of customers, maintain records, monitor transactions, and report suspicious transactions;
  2. Proceeds of Crime Act 2007, which expands the definition of money laundering and removes any threshold requirement for a predicate offense (now a serious offense is unlawful activity); and
  3. Mutual Assistance in Criminal Matters Act 2007, which formalizes Samoa's procedural processes for providing assistance to other countries in the instance of serious offenses.

(Money Laundering Prevention Act 2007, Proceeds of Crime Act 2007, Mutual Assistance in Criminal Matters Act 2007.)

Author: Lisa White More by this author
Topic: Money laundering More on this topic
Jurisdiction: Samoa More about this jurisdiction

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Last updated: 12/02/2007