Admin calls for regulation of money transfer businesses in American Samoa

[TexasTowelie]

The American Samoa Government is moving to regulate money transfer businesses in the territory, with proposed legislation submitted to the Fono.

The move by the Lolo Administration to regulate this growing industry comes years after lawmakers and others in the community have discussed creating some sort of regulatory body to oversee money transfer businesses, or “money services business (MSB)” in the territory.

What has been a concern to many lawmakers, who have also requested the government for a specific report, is how much money is being transferred out of American Samoa, instead of being kept locally to circulate and grow the economy.

Gov. Lolo Matalasi Moliga recently submitted proposed legislation to the Fono to establish by law, the “Money Services Business Regulatory Act”.

Read more: http://www.samoanews.com/local-news/admin-calls-regulation-money-transfer-businesses-territory