A former Financial Secretary for the Samoa Government has been removed as a director of the National Bank of Samoa after it was discovered a New Zealand based insurance company he was deputy chairman of had been involved in money laundering.
Alastair Hutchinson was a 19.5 percent shareholder in CBL Insurance, which illegally sent the National Bank of Samoa nearly T$30 million.
CBL Insurance has been put into liquidation by the New Zealand Reserve Bank.
According to a Samoa Observer report, that $30 million eventually made it to one of C.B.L’s major creditors, AlphaGroup in Denmark (currently in liquidation) which is an act of money laundering called ‘layering’.
The report says the Central Bank of Samoa has a strict no tolerance policy towards money laundering.
CBS Governor Maiava Atalina Enari told the newspaper that CBS was not aware of any allegations, however.
She said if N.B.S is accused of money laundering, it is obligated under the law to report this to CBS Financial Intelligence Unit.
“From a regulatory perspective, we continue to remind financial institutions to be vigilant in identifying as well as reporting money laundering related transactions.”
The National Bank of Samoa no longer lists Alistair Hutchison as a director, and declined to comment on the matter when contacted.
Hutchinson, who was financial secretary for the Western Samoa Government in the 1970’s is also involved with Federal Pacific Insurance and Western Union in most Pacific Island countries, including Samoa and East Timor.
