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Awareness Raising Workshop for the National Reserve Bank of Tonga 17-18 May

The National Reserve Bank of Tonga (NRBT) held a workshop on 17 and 18 May 2006 to increase the effectiveness of systems to prevent money laundering and terrorist financing. 

In his opening address, The Hon Minister for Finance, Siosiua T T ’Utoikamanu, said the social and economic costs that money laundering and corruption impose on any country are even greater for a small island economy like Tonga that is striving to promote private sector-led growth and development. 

'Corruption associated with money laundering, whether public or private, corrodes our moral values and poses challenges to good governance practices.  Moreover, any country that fails to meet the standards set by the international community risks being isolated by other countries wanting to protect themselves against this 'Trojan Horse'', he said.

The first day of the workshop included a description of anti money laundering requirements and systems.  On the second day, participants worked in two separate groups – one focusing on banking and finance systems and the other looking at law enforcement and financial intelligence functions, including managing proceeds of crime.  This dual stream approach enabled people to focus in more detail on their area of professional interest – while still getting the benefit of discussions in the plenary sessions. 

Workshop participants said they were keen to continue to implement effective anti-money laundering systems in Tonga, and they identified specific priorities for action.  Participants were particularly eager to establish an operational-level working group to build closer links between different arms of government and the financial system. 

In closing the workshop, the Governor of the National Reserve Bank of Tonga, Ms Siosi Mafi, emphasised her strong support for further development of Tonga’s systems to prevent money laundering and terrorist financing, noting the forthcoming evaluation of these systems under the auspices of the Asia Pacific Group on Money Laundering (APG).

Ungatea Latu - National Reserve Bank of Tonga - Tongan Workshop May 2006