4 Apr 2013

American Samoa's Hunkin hopes to change Pacific banks rating in bill

11:29 am on 4 April 2013

American Samoa's U.S. Congressman is planning to introduce banking legislation that will include American Samoa, Guam, and the Commonwealth of the Northern Marianas.

Currently American Samoa, Guam, and the CNMI are deemed Pacific Island banks rated than State banks as in other jurisdictions.

A crucial distinction between State bank cheques and Pacific Island bank cheques lies in the hold time permitted by the Regulation.

For example, banks can hold Pacific Island cheques up to 21 days before releasing funds for access or use.

Faleomavaega Eni Hunkin says he plans to reintroduce this legislation as soon as possible when Congress returns to session next month.