Central Bank tightens Exchange Control rules
A number of changes have been made to policies and procedures in relation to the Central Bank of Samoa (C.B.S) Exchange Control Regulations 1999.
In a statement issued yesterday, C.B.S informed members of the public about these changes.
1. Effective 1st August 2017, all payments of assurance, insurance and reinsurance premiums to overseas countries by individuals, businesses and Government authorities are now delegated to the authorized commercial banks and money transfer operator businesses for processing. This excludes foreign exchange payments of assurance, insurance and reinsurance premiums by licensed insurance companies and commercial banks, which still requires prior CBS approval.
The general public is also kindly reminded that:
1. Only licensed commercial banks and foreign exchange dealers authorized by the Central Bank of Samoa are allowed to buy or sell foreign currency in exchange for Samoan Tala within Samoa.
2. For businesses or individuals intending to sell any domestically produced or imported products outside of Samoa, you must first register with the Central Bank. Kindly provide relevant documentations for the completion of the CBS Form E, before proceeding to Customs, the Post Office or courier company for the shipment of any products. Please be reminded that all export proceeds must be receipted domestically within the specified period.
3. For any foreign exchange payments, proper supporting documentation must be presented and made available to the commercial banks and money transfer operator businesses. Approval of overseas payments may not be granted unless requested documents are sighted. These exchange control documentary requirements are in line with international standards for the prevention of anti-money laundering practices and counter financing of terrorism activities for the protection and safeguarding of Samoa’s financial system.
4. For foreign exchange payments that are referred to the CBS for prior approval, the maximum days for assessment is 3 days, subject to the availability of all relevant supporting documents.
For further clarification and assistance on any Foreign Exchange Control matters, please contact phone numbers 34152 or 34153.