3 Dec 2004

Solomons' Minister welcomes new financial intelligence unit

4:34 pm on 3 December 2004

The Solomon Islands Justice Minister says the establishment of a Financial Intelligence Unit will help address the increasing presence of money scams in the region.

This week Parliament passed a bill amending the Money Laundering and Proceeds of Crimes Act of.

Michael Maina says the amendments include provisions to create an Intelligence Unit within the Central Bank.

He says the Unit should be up in running in the first quarter of 2005, and that it will contain a range of financial experts.

"I expect lawyers, financiers, bankers and other specialists who may be able to help us to address this. It will also help us to try to address other aspects of money -- pyramid schemes and money schemes that are being very popular at the moment in Melanesia."

Michael Maina says the Forum and the International Monetary Fund will help to implement the legislation.