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Business and Economics > Banks and Banking

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Cover IMF Staff Country Reports
Samoa: Selected Issues
International Monetary Fund. Asia and Pacific Dept
2024 Selected Issues
Keywords:
money transfer operator; sectoral risk assessment; Australia labour mobility; transaction report; remittance corridor; risk remittance product; Remittances; Anti-money laundering and combating the financing of terrorism (AML/CFT); Medium taxpayer office; Correspondent banking; Financial sector; Australia and New Zealand; Pacific Islands; Global
Cover IMF Staff Country Reports
Samoa: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The Samoan economy has bounced back strongly over the last two years, supported by a recovery in tourism. Fiscal surpluses, in part due to high grant flows, have helped the country emerge from the pandemic with enhanced buffers. At the same time, several longstanding and emerging factors—including lack of economies of scale, climate vulnerabilities, ML/TF concerns, delays in the implementation of public investment due to capacity constraints, and rising outward migration—pose challenges to the economic outlook in the medium term.
Keywords:
APG plenary; basket of currencies; TF risk; follow-up process; burden indicator; inflation risk; help of IMF TA; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Global; Pacific Islands; Australia and New Zealand
Cover Technical Assistance Reports
Samoa: Technical Assistance Report-Central Bank Risk Management
International Monetary Fund. Monetary and Capital Markets Department
This report provides an overview of the assistance provided by the IMF to the Central Bank of Samoa on enhancing its risk management in line with international best practices for central banks.
Keywords:
Central banking; risk management; central bank governance; central bank independence; Samoa.; Board audit committee; enterprise risk management framework; IMF executive director; IMF's Monetary; CD recipient; risk management committee; Operational risk; Internal audit; Central bank risk management; Anti-money laundering and combating the financing of terrorism (AML/CFT); Auditing
Cover IMF Staff Country Reports
Samoa: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation discusses that Samoa faces several economic challenges but continues to show resilience and a high level of engagement with IMF. Growth is expected to rebound after reaching a five-year low. Price pressures driven by temporary factors are receding and inflation is projected to return to below the authorities’ target of 3 percent. Samoa remains vulnerable to natural disasters and correspondent banking relationship (CBR) pressures. The authorities have made progress in implementing measures to mitigate these risks. Policies should focus on tightening fiscal policy to ensure sustainability while achieving progress towards development goals; mitigating risks from CBR pressures; improving the monetary policy transmission mechanism; and implementing structural reforms to boost potential growth and make it more inclusive. It is important to tighten fiscal policy compared to the baseline. The report also advises to introduce focused structural reforms on building resilience to natural disasters, enhancing the business environment, encouraging female labor participation, and improving the trade facilitation framework.
Keywords:
ISCR; CR; debt; Samoa; GDP statistics; authority; real GDP series; GDP contribution; Samoan authorities; contribution from the manufacturing sector; Natural disasters; Anti-money laundering and combating the financing of terrorism (AML/CFT); Correspondent banking; Pacific Islands; Asia and Pacific; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Samoa: 2018 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept
This 2018 Article IV Consultation highlights that Samoa’s economy has shown resilience and continues to perform well. Growth remained robust at 2.5 percent in 2016/17, driven by commerce, services and agriculture. Inflation picked up to 1.3 percent in 2016/17, compared with close to zero in the previous year, but remains well below the authorities’ target of 3 percent. The current account deficit narrowed to 2.3 percent, driven by temporary factors. The Samoan Tala appreciated against the United States dollar during 2016/17, although there was little change in the nominal and real effective exchange rates. Growth is projected to moderate to 1.8 percent in 2017/18 and then rebound in 2018/19, as two new businesses scale up operations at the old Yazaki plant and several infrastructure projects are completed.
Keywords:
ISCR; CR; capital account surplus; Samoa; staff appraisal; import growth; quarter; monetary policy transmission mechanism; Samoan authorities; Natural disasters; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Global; Pacific Islands; Asia and Pacific; Caribbean
Cover IMF Staff Country Reports
Samoa: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Samoa
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights Samoa’s continued good economic performance. Economic activity picked up during 2015/16 driven by tourism arrivals, lower fuel prices, and new fish processing facilities, further boosted by two major sporting events and infrastructure projects. Although the pace will moderate in 2017/18 and in 2018/19 with the closure of a large manufacturing plant, growth is expected to remain buoyant. The outlook is moderately positive though subject to downside risks related to Samoa’s vulnerability to natural disasters, elevated contingent liabilities, and withdrawal of correspondent banking relationships. Given Samoa’s reliance on workers’ remittances, the closure of bank accounts of money transfer operators heightens the risk of a disruption to remittance payments.
Keywords:
ISCR; CR; right; Samoa; authority; GDP; central bank; accommodative monetary policy stance; fiscal policy stance; U.S. dollar; private sector activity; Samoa aviation investment Project; Natural disasters; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Pacific Islands; Asia and Pacific; Global; Australia and New Zealand
Cover IMF Working Papers
Challenges in Correspondent Banking in the Small States of the Pacific
Jihad Alwazir
,
Mr. Fazurin Jamaludin
,
Dongyeol Lee
,
Niamh Sheridan
, and
Ms. Patrizia Tumbarello
Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.
Keywords:
WP; remittance sector; respondent bank; average cost; bank Pacific; central bank; Pacific islands; small states; correspondent banking; remittances; AML/CFT; digital economy; bank South Pacific; Marshall Island bank; small states of the Pacific; due diligence; money transfer operators; MTO bank accounts; KYC remittance recipient; Anti-money laundering and combating the financing of terrorism (AML/CFT); Fiscal accounting and reporting; Money laundering; Global; Australia and New Zealand; Asia and Pacific
Cover Staff Discussion Notes
The Withdrawal of Correspondent Banking Relationships: A Case for Policy Action
Ms. Michaela Erbenova
,
Ms. Yan Liu
,
Mr. Nadim Kyriakos-Saad
,
Aledjandro Lopez Mejia
,
Jose Giancarlo Gasha
,
Mr. Emmanuel Mathias
,
Mr. Mohamed Norat
, and
Ms. Yasmin Almeida
This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.
Keywords:
SDN; due diligence; respondent bank; withdrawal of CBR; BNP Paribas; risk assessment; Correspondent Banking; De-risking; correspondent and respondent banks; remittances; AML/CFT; banking supervision and regulation; Money Transfer Operators; Money or Value Transfer Services; Technical Assistance; Payment systems; Trade Finance; bank customer; correspondent relationship; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Global; Australia and New Zealand; Caribbean
Cover IMF Staff Country Reports
Samoa: Financial Sector Assessment Program-Banking Supervision and Regulation-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses the key findings and recommendations of assessment of Banking Supervision and Regulation for Samoa. Little progress has been achieved toward implementing the recommendations of the 2007 Basel Core Principles for Effective Banking Supervision assessment. Initiatives by the Central Bank of Samoa to deal with weaknesses identified in supervision and regulation of domestic banks in 2007 were disrupted by a series of natural disasters and the use of limited supervisory resources on other priorities. Progress was achieved, however, in issues related to Anti-Money Laundering and Combating Financing of Terrorism, with Samoa upgraded to a “normal reporting" regime by the Asia Pacific Group on Money Laundering in 2014, from its previous status of "enhanced reporting."
Keywords:
bank's liquidity profile; bank portfolio; asset quality; bank vulnerability; bank asset; Foreign banks; Commercial banks; Bank supervision; Basel Core Principles; Operational risk; Australia and New Zealand
Cover IMF Staff Country Reports
Samoa: Financial Sector Assessment Program - Banking Resolution, and Crisis Prevention and Management Frameworks—Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses key findings of the assessment of Banking Resolution, and Crisis Prevention and Management Frameworks for Samoa. It is recommended that the current regulatory framework to deal with financial institutions (FIs) should be reformed. The Central Bank of Samoa (CBS) has issued “Prudential Statements" containing some prudential rules, ratios, and limits applicable to FIs, but there are no general standards for their enforcement, which is done on a purely discretional case-by-case basis. The powers from the Central Bank Act are not strong enough to enable the CBS to take enforcement actions. A fully amended legal and regulatory banking resolution framework is needed for the CBS to be able to deal effectively with serious banking problems.
Keywords:
solvency support; FI problem; banking business; CBS' financial conditions; bank management; resolution framework; distressed FI; Bank resolution framework; Lender of last resort; Financial sector stability; Crisis management; Contingency planning