{"id":221,"date":"2026-03-02T06:51:29","date_gmt":"2026-03-02T06:51:29","guid":{"rendered":"https:\/\/micronesiasun.com\/?p=221"},"modified":"2026-03-07T17:49:20","modified_gmt":"2026-03-07T17:49:20","slug":"pohnpei-and-u-s-treasury-dept-bolster-better-banking","status":"publish","type":"post","link":"https:\/\/micronesiasun.com\/?p=221","title":{"rendered":"Pohnpei and U.S. Treasury Dept. bolster better banking"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Photos: Cover Pohnpei State of Public Information, Office of the Governor. Below: East Micronesia Cable Project<\/p>\n\n\n\n

By Christopher Cottrell<\/strong><\/p>\n\n\n\n

March 2, 2026<\/strong>, Federated States of Micronesia<\/strong>__ Pohnpei Governor Steven A. Joseph held strategic talks with Robert Kaproth, Deputy Assistant Secretary for Asia & Pacific for the U.S. Treasury Department delegation last week to bolster better banking. The talks are timely coming ahead of the high-speed undersea Micronesia Cable Project and greater financial transaction speed capacities between Micronesia and the world.<\/p>\n\n\n\n

According to the Pohnpei State of Public Information, Office of the Governor<\/strong><\/a>, Governor Joseph and Deputy Assistant Secretary Kaproth outlined global challenges of Anti-Money Laundering and Countering the Financing of Terrorism (AML\/CFT) compliance. The Office of the Governor stated, \u201cDAS Kaproth addressed concerns regarding financial isolation as commercial banks pull out of smaller jurisdictions. To combat this, the delegation highlighted World Bank initiatives designed to help the FSM strengthen regulatory regimes and maintain vital connections to the U.S. dollar system.\u201d<\/p>\n\n\n\n

And while the Global Organized Crime Index (OCIndex)<\/strong><\/a> states that the Federated States of Micronesia is not a global money-laundering destination, \u201cthe lack of stringent financial controls could create opportunities for future exploitation, particularly in fisheries, maritime trade and small-scale financial services.\u201d<\/p>\n\n\n\n

The OCIndex notes, \u201cWithin Micronesia, sex trafficking is a notable concern, with local women and children subjected to commercial sexual exploitation aboard foreign fishing vessels.\u201d It notes, \u201cillegal, unreported and unregulated (IUU) fishing is widespread in Micronesia, whose exclusive economic zone (EEZ) is highly vulnerable to foreign criminal actors, particularly from China and Vietnam.\u201d<\/p>\n\n\n\n

Security analysts note that higher-speed undersea cables for faster financial or crypto-currency and illicit mobile banking connectivity is something to pay attention for future clean banking.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

This is one reason the coming East Micronesia Cable project, whose official countdown launched this past January with President Simina and U.S. Assistant Secretary of State for East Asian and Pacific Affairs Michael DeSombre<\/strong><\/a>, is high on radar across the Indo-Pacific from California to Kerala.<\/p>\n\n\n\n

Assistant Secretary DeSombre stated, \u201cHaving a reliable cable-based high-speed internet will boost Kosrae and thus the FSM\u2019s economy with greater opportunities and resilience.\u201d<\/p>\n\n\n\n

Governor Joseph and Deputy Assistant Secretary Kaproth further discussed Trust Funds and creating robust regulatory and financial management with national institutions as keys to implementation with additional input of U.S. technical support. <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Photos: Cover Pohnpei State of Public Information, Office of the Governor. Below: East Micronesia Cable Project By Christopher Cottrell March 2, 2026, Federated States of Micronesia__ Pohnpei Governor Steven A. Joseph held strategic talks with Robert Kaproth, Deputy Assistant Secretary for Asia & Pacific for the U.S. Treasury Department delegation last week to bolster better …<\/p>\n","protected":false},"author":2,"featured_media":222,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,18],"tags":[],"class_list":["post-221","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-federated-states-of-micronesia","category-news-federated-states-of-micronesia"],"yoast_head":"\nPohnpei and U.S. Treasury Dept. bolster better banking - Micronesia Sun<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/micronesiasun.com\/?p=221\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pohnpei and U.S. Treasury Dept. bolster better banking - Micronesia Sun\" \/>\n<meta property=\"og:description\" content=\"Photos: Cover Pohnpei State of Public Information, Office of the Governor. 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