Pacific Supervisors’ Forum - 10-11 July 2024
The second in-person meeting of the Pacific AML/CFT Supervisors’ Forum was held from 10 to 11 July 2024 in Brisbane, Australia. The Forum, funded by the New Zealand Ministry of Foreign Affairs and Trade, was co‑hosted by the APG, the New Zealand Department of Internal Affairs and the Pacific Islands Forum Secretariat (PIFS).
The Forum brought together 62 AML/CFT supervisors and practitioners from each of the APG’s 12 Pacific members, as well as delegates from Australia, New Zealand, United States, PIFS and World Bank. Participants shared key updates and discussed AML/CFT supervisory trends and developments in the Pacific region, with a variety of in-depth sessions and presentations delivered over the two days, including:
- Risk assessments and employing a risk-based approach to AML/CFT supervision;
- Correspondent banking relationships and de-risking in the Pacific;
- Best practices and lessons learnt in the supervision of financial institutions and designated non-financial businesses and professions (DNFBPs) and virtual asset service providers (VASPs);
- AML/CFT engagement strategies;
- Recent remedial and enforcement actions;
- Preparations for the 4th Round of APG mutual evaluations; and
- Technical assistance and training needs and activities.
Key outcomes from the Forum include a proposal for the future of the Pacific AML/CFT Supervisors’ Forum, identification of supervisory-related technical assistance needs, and the development of proposals for joint supervision across jurisdictions.
