Samoa; Assessment of the Supervision and Regulation of the Financial Sector-Review of Financial Sector Regulation and Supervision

This paper presents an assessment of the supervision and regulation of Samoaâ€™s financial sector. The size of the offshore business remains very small compared with major offshore centers. The registration of International Business Companies represents the largest offshore business for Samoa. For offshore banks, the Samoan authorities have tightened regulatory controls following the amendment to the Offshore Banking Act in 1998, and as a result, the number of offshore banks has been reduced significantly.

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Year of publication:	2004-06-24
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Financial sector \| banking \| offshore banks \| money laundering \| offshore banking \| banking supervision \| banking sector \| financial service providers \| bank supervision \| due diligence \| banking supervisors \| connected lending \| collective investment schemes \| suspicious transaction \| banking business \| insurance business \| customer identification \| suspicious transactions \| exchange information \| shell banks \| prudential regulation \| foreign exchange \| money laundering activities \| prudential supervision \| supervisory authorities \| law enforcement \| terrorist acts \| banking legislation \| risk management \| transaction reports \| anti ? money laundering \| money laundering measures \| license holder \| suspicious transaction reports \| international standards \| law enforcement agencies \| transaction reporting \| capital adequacy \| risk management systems \| international cooperation \| financial intelligence unit \| share information \| good faith \| banking license \| cross border transactions \| financial sector regulation \| criminal activity \| laundering activities \| collective investment scheme \| mutual evaluation \| suspicious transaction reporting \| supervisory framework \| insurance supervisors \| bank drafts \| consolidated supervision \| money remitters \| funds transfers \| shell bank \| international accounting standards \| accounting standards \| negotiable instruments \| supervisory standards \| cash transactions \| legal assistance \| criminal offence \| beneficial ownership \| capital requirement \| central banking legislation \| banking activities \| financial supervision \| criminal liability \| money laundering issues \| banking system \| central banking \| offshore jurisdictions \| terrorist organizations \| capital adequacy ratio \| internal control \| criminal purposes \| factual circumstances \| border transactions \| financial soundness \| banking regulators \| life insurance \| regulatory authority \| record keeping requirements \| bank issues \| licensing authority \| banking regulation \| supervisory authority \| banking sectors \| supervisory arrangements \| reputational risk \| combat money laundering \| banking relationship \| banking law \| payment chain \| banking operations \| customer identification requirements \| national bank \| bank records \| anti ? money laundering provisions \| anonymous accounts \| banking practice \| business relationships \| insurance law \| life insurance business \| bank acquisitions \| regulatory authorities \| internal policies \| material change \| foreign regulators \| licensing process \| intelligence units \| supervisory approach \| money laundering regulations \| supervisory regime \| confiscated property \| suspicious activity \| terrorist financing \| financial intermediary \| money laundering purposes \| foreign banks \| treasury operation \| bankrupt \| credit union \| money remittance \| money market instruments \| deposit insurance \| bankers \| due diligence procedures \| competent authorities \| shell companies \| confiscation of property \| foreign jurisdictions \| savings bank \| judicial proceedings \| reporting requirements \| financial intelligence units \| external auditor \| law enforcement bodies \| supervisory frameworks \| monetary authority \| terrorist attacks \| bankers ? drafts \| criminal matters \| foreign exchange market \| false information \| anti ? money laundering activities \| ofc jurisdictions \| due diligence requirements \| beneficial owners \| adequate protections \| shell corporations \| identification procedures \| licensing requirements \| secrecy law \| bank management \| integrity standards \| secrecy provisions \| foreign counterparts \| professional privilege

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 04/171 7 pages long
Source:	RePEc - Research Papers in Economics

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