SAMOA
Samoa is a group of islands situated in the South Pacific approximately 4,200 km South-West of Hawaii and 4,400 km North-East of Sydney.
Formerly a German colony and New Zealand Protectorate, Samoa became the first island nation in the South Pacific to gain independence in 1962.
Government is based on a written constitution and a Westminster-style Parliamentary system.
Samoa’s legal system has its foundation in English and Commonwealth statutory law and its written constitution provides for a three tiered court system comprising the Magistrate’s Court, the High Court and Court of Appeal.
The official language of business is English.
Since independence in 1962 Samoa has enjoyed political stability as mainstream parties espouse similar values and a commitment to the development of the islands.
Consequently Samoa has well developed infrastructures with banking services provided by four commercial banks and superior international communications via satelite and broadband internet technology.
Several international airlines provide direct flights or connections to Los Angeles, Sydney, Auckland, Hawaii and other Pacific Islands and courier services are exemplary.
Samoa is a member of the United Nations, the Commonwealth, the World Bank, the Asian Development Bank and is an associate member of the EC.
Samoa’s International Finance Centre
Samoa established itself as an international finance centre in 1987 with the enactment of the following core legislation: the International Companies Act; the International Trusts Act; the International Insurance Act; the Offshore Banking Act; and the Trustee Companies Act.
The aforementioned Acts governed the establishment and maintenance of the products available to the offshore client and provided for the registration and regulation of the local onshore entities licensed to provide corporate services.
Since then Samoa has continuously reviewed its offshore legislation and introduced new legislation to ensure that it keeps abreast of trends and the evolving needs of the international market as well as ensuring Samoa’s compliance with international regulatory standards. As a result, Samoa has developed into an innovative and credible jurisdiction of choice.
In 2005, the Samoa International Finance Authority (SIFA) Act created a new statutory body which took over the regulation, supervision and administration of the international finance sector. This new independent body is administered by a board of directors and managed by a chief executive officer. The authority assumes the responsibilities of a one stop regulatory shop which is in accordance with accepted international standards for banking, insurance and corporate service provider regulation.
Samoa’s International Finance Centre legislation currently comprises:
- Samoa Trustee Companies Act 1987
- Samoa International Companies Act 1987
- Samoa International Trusts Act 1987
- Samoa International Insurance Act 1988
- Samoa International Partnership & Limited Partnership Act 1998
- Samoa Segregated Fund International Companies Act 2000
- Samoa International Authority Act 2005
- Samoa International Banking Act 2005
- International Mutual Funds Act 2008
- Electronic Transactions Act 2008
- Samoa Special Purpose International Companies Act 2012
Strong confidentiality provisions apply in the International Finance regime requiring Government officials as well as trustee company employees to observe secrecy. These provisions are backed by penal sanctions. The International Finance Centre registries are not open for general public search although the Registrar is empowered to allow searches of and provide copies of the memorandum and articles of association of an international company if so requested. The Registrar administers these confidentiality provisions strictly.
Samoa’s anti-money laundering regime was established in 2000 and currently comprises the Money Laundering Prevention Act 2007, the Proceeds of Crime Act 2007, the Mutual Assistance in Criminal Matters Act 2007 and the Prevention and Suppression of Terrorism Act 2002.
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