PUBLIC NOTICE
OUTCOME OF THE REVIEW OF FOREIGN EXCHANGE CONTROL POLICIES 2023 AND GENERAL REMINDERS ON FOREIGN EXCHANGE CONTROL
Following the completion of the Annual Review of Foreign Exchange Control Policies and Procedures, the Central Bank of Samoa (CBS) wishes to advise of further relaxation in exchange controls that will take effect from 1st August 2023. The changes include new and increased delegations of authority to Authorized Foreign Exchange Dealers i.e. Commercial Banks and Money Transfer Operators (MTOs). The easing of exchange control policies reflects the prevailing economic environment whilst ensuring the country’s foreign exchange reserves remain at sustainable levels. Further, exchange control procedures and requirements are also strengthened in some areas to ensure all foreign exchange transactions out of Samoa are consistent with a safe and sound financial system.
Exchange Control Policy Changes
Type of Foreign Exchange Current Starting 1st August 2023 Payment
| 1. Transfer Overseas of local Investments funds (e.g. with the Unit Trust of Samoa and Samoa National Provident Fund Contributions) | Delegation to Commercial Banks and MTOs to process amounts up to SAT$30,000.00 per applicant. | Delegated amount to authorized banks and MTOS is to increase to SAT$50,000.00. Any amount in excess of SAT$50,000 is referred to CBS. |
| 2. Emigration from Samoa (i.e. emigration allowance) | No delegation limit | Delegation to authorized banks and MTOs for amounts up to SAT$50,000.00. Any amount in excess of SAT$50,000.00 is referred to CBS. |
These increased or new delegation of authority to the authorized commercial banks and money transfer operators are subject to the availability of relevant supporting documents. As such, the general public is kindly reminded to cooperate and ensure that proper and appropriate supporting documentations for these types of foreign payments are submitted to the authorized commercial banks and money transfer operators when processing payments overseas.
Approval of overseas payments may not be granted unless the relevant supporting documents are submitted at the time of processing. These exchange control documentary requirements are in line with international standards for the prevention of anti-money laundering practices and to counter terrorist financing activities to safeguard Samoa’s financial system.
A reminder also that all capital payment transfers overseas continue to require prior CBS approval except where delegated by CBS. These foreign exchange payments may include (but not limited to) the remittance of funds for investments overseas, dividend repatriations, proceeds from the sale of a local property, overseas borrowings, foreign currency loans etc. Most current payment transactions can be processed at any of the authorized commercial banks and MTOs.
For further clarification and assistance on any Foreign Exchange Control matters, please refer to the Domestic Markets Division at Level 1 of the CBS Building or contact phone numbers 34101, 34153, 34178 and 34152 and/or email: exchange.ctrl@cbs.gov.ws
More information can be obtained from the CBS Exchange Control Information Booklet which will also be available on the CBS website (www.cbs.gov.ws).
——————————