Industry Update

STEP

The Samoa International Finance Authority values partnerships with our clients and our stakeholders. Our commitment to fulfilling one of our roles focuses on engaging with our stakeholders and professional networks. Thus, as part of our Engagement Strategy, the Samoa International Finance Authority ("SIFA") through the Samoa International Business Finance Centre ("Samoa IBFC") conducts quarterly meetings with the International Finance industry to continue active commitment in discussing key issues pertaining to the development of the international finance industry in Samoa.

Samoa's international finance industry encountered many challenges in 2021 which affected development plans. Notwithstanding the COVID Global Pandemic, Samoa also held its General Elections in April 2021, this saw a change in Government from the previous and longest ruling Administration, which required careful consideration in the transition to and ensuring the new Government was updated with all the relevant and necessary information regarding the international finance industry.

In the December and final 2021 Meeting, Samoa IBFC and SIFA Management presented updates of issues and developments to systems and processes important to the Industry and being implemented by SIFA. These updates included discussion on the work towards addressing the European List of Non-Cooperative Jurisdictions ("EU Blacklist"), the phases in the electronic-renewal function of the Registration System ("E-renewal register") and a brief overview of strategies post the EU de-listing and other important issues.

SIFA and Samoa IBFC have worked diligently with the National "EU" Taskforce to produce solutions with hopes of removing Samoa from the EU Blacklist. As part of Samoa's efforts to address the EU Blacklist issues, Samoa joined the Base Erosion Profit Shifting ("BEPS") Inclusive Framework as per requirement of Criterion 3. Samoa continues to take relevant actions to address the EU Blacklist whilst taking a balanced approach to ensure continuity and growth of its International Finance Industry.

In view of the growth and development of the International Finance industry, SIFA launched the function of its Registration system which allows renewal of registration ("e-renewals") for registered international companies. The e-renewal system aims to improve efficiency and ease of doing business.

The quarterly meetings are held with the intentions of gaining valuable insights and information from our key stakeholders' perspectives, which services the purpose of data collection from our Trustee companies to assist with improving service delivery, the progress in our EU delisting work and the overall operations of the Authority as well as Samoa IBFC marketing strategies.