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International Monetary Fund
This paper presents an assessment of the supervision and regulation of Samoa’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.
International Monetary Fund

Abstract

Globalization requires enhanced information flows among financial regulators. Standard-setting bodies for financial sector regulation provide extensive guidance, but financial sector assessments have often found that problems in cooperation and information exchange continue to constrain cross-border supervision and financial integrity oversight. In July 2004, the IMF organized a conference on cross-border cooperation for standard setters, financial intelligence units (FIUs), and financial regulatory agencies. This book brings together conference papers in which participants discuss: information exchange for an effective anti–money laundering/combating the financing of terrorism (AML/CFT) regime, in terms of both standards and practices; the standards for cooperation in the insurance sector; and the experiences of regulators from banking, securities, and unified regulatory agencies with international cooperation. The book also includes papers providing a general overview of international standards and their implementation and, on the basis of survey results, of practices among financial sector regulators and FIUs.