Friday, 30 July 2021
Banks Samoa. Offshore accounts in Samoa
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The Central Bank of Samoa is a national reserve bank and as such, government-funded and commercial banks. The Central Bank formulates and implements monetary policy and related activities, including operations in foreign markets in securities of the Central Bank to influence interest rates and availability of credit in the financial system. The Central Bank is also responsible for maintaining the exchange rate Samoan tala for other currencies and, if necessary, carries out exchange control measures in order of supervision over transactions in foreign currency.


Speaking as the Central Bank of Samoa under the Law on the Central Bank of Samoa in 1984, the Financial Institutions Act 1996 and the Act on Prevention of Money Laundering in 2000, the Central Bank performs the following functions:

- Regulates the issuing of national currency, ensure the availability and international exchange rates;
- Advises the government on banking and monetary issues;
- Promotes internal and external monetary stability;
- Promotion of a stable financial structure;
- Create the right conditions for lending and foreign exchange to the orderly and balanced economic development of Samoa;
- Supervises and regulates banking activity and extends the scope of lending, and
- Introduce measures for combating money laundering, prevent, detect and fight criminal activities in the field of money laundering.

In addition, the Bank is responsible for storing and managing reserves Samoa in foreign currencies to pay for goods and services. Issue banknotes and coins to meet the needs of business and the needs of the population is one of the major tasks of the Central Bank. Speaking as the fiscal agent of the Government, central bank, if necessary, issuing and administering of treasury bills and other government securities. Also, the Bank maintains its own securities from commercial banks and financial institutions maintain a system of registration, shall rediscount bills of exchange. The Central Bank is responsible for registering and reasonable control over commercial banks, also speaking as their bankers, creates conditions for the clearing and settlement of interbank payments, as well as the stores have a minimum statutory amount of cash reserves.
Financial Institutions Act in 1996 directed the Central Bank to issue licenses to financial institutions and to monitor and gather information about possible money laundering.

Commercial banks
Currently there are 4 registered Samoa Bank. All operating banks are obliged to register with the Central Bank of Samoa and then submit a quarterly financial reports.

Financial Institutions:

ANZ Bank (Samoa) Limited (ANZ Bank (Samoa) Limited)
Neshnl s Bank of Samoa (National Bank of Samoa)
Samoa Commercial Bank (Samoa Commercial Bank)
WESTPAC Bank (Samoa) Limited (Westpac Bank (Samoa) Limited)
Divelopment s Bank of Samoa (Development Bank of Samoa)
 
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