About the Transactions Reporting Authority
The National Reserve Bank of Tonga, appointed as the Transaction Reporting Authority (TRA) functions as the Kingdom of Tonga's financial intelligence unit.
The TRA is established under the Money Laundering and Proceeds of Crime Act (MLPC).
Functions of the TRA
The functions of the TRA are to receive, analyze, and disseminate information relating to money laundering and counter-terrorist financing. The TRA collaborates with partner agencies to develop financial intelligence to deter, prevent, and combat money laundering and counter-terrorist financing. TRA facilitates the detection, prevention, and deterrence of money laundering and financing of terrorist activity by engaging in the following activities.
- Implementing prescribed functions under the MLPC
- Receiving, analyzing, and assessing suspicious financial information;
- Disclosing financial intelligence to the appropriate law enforcement agencies.
- Ensuring compliance
- Enhancing awareness
- Collaborating on anti-money laundering and terrorist financing initiatives with domestic law enforcement and foreign financial intelligence unit counterparts.
MLPC obligations for Financial Institutions and cash dealers
Financial institutions and cash dealers are required to verify customer identification, establish and maintain customer records, report suspicious transaction reports, establish and maintain internal reporting procedures, and comply with all requirements stipulated in the MLPC and the TRA Guidelines.
Money Laundering & Proceed of Crime Act
An act to enable the unlawful proceeds of all serious crime including drug trafficking to be identified, traced, frozen, seized and eventually confiscated; To establish a transaction reporting authority and to require financial institutions and cash dealers to take prudential measures to help combat money laundering.
Reporting to TRA
To comply with TRA reporting requirements, financial institutions and personnel must complete the designated report form provided below and submit it to the TRA for review and approval.
Border Currency Report Form
Complete the Border Currency Report form if you are carrying cash with a value of more than TOP$ 10,000 or any foreign currency equivalent to the amount. This declaration is required by law under section 19(1) of the Money Laundering and Proceeds of Crime (Amendment) Act 2010.
Suspicious Transaction Report Form
Financial Institutions are required to report suspicious transactions to the Transaction Reporting Authority. This is required by law under Section 14(1) of the Money Laundering and Proceeds of Crime Act 2000. Penalties exist for failure to report or to supply full and correct information.
Currency Transaction Report Form
Complete the Currency Transaction Report form for the reporting of currency transaction which is required by law under Regulation 23(5) of the Money Laundering and Proceeds of Crime Regulation 2010. Penalties exist for failure to report or to supply full and correct information.
Sanctions List & Terrorist Watchlist
The following lists assist reporting entities in identifying potential threats in accordance with the MLPC Act.
Reporting entities are encouraged to periodically check the lists for updates and new entries.
The National Reserve Bank of Tonga (Reserve Bank) was established on 1 July 1989 as the central bank of Tonga.