Financial Crime World

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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Requirements

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This article outlines the key requirements and regulations related to anti-money laundering (AML), combating the financing of terrorism (CFT), and asset freezing.

Reporting Requirements

As a reporting entity or supervisory authority, it is essential to comply with the following reporting requirements:

  • Immediate Reporting: If you come into possession or control of assets belonging to a listed person or entity, you must immediately report this to the Financial Intelligence Unit (FIU) and the relevant Supervisory Authority.
  • Routine Reporting: Routine reporting is required every 6 months, even if there are no suspicious activities.

Designated Persons or Entities

The following countries and persons are designated under various international sanctions regimes:

Designated Countries

  • North Korea
  • Iran
  • Myanmar

Designated Persons

The designated persons are listed in the United Nations Security Council Consolidated List.

List Updates

While there is no fixed time for updating the lists, the FIU will be aware of any changes due to its constant contact with relevant authorities and UN bodies. The Financial Intelligence Supervisor is responsible for updating the consolidated list.

Asset Freezing

Asset freezing requirements under Nauruan law and FATF Recommendations 6 and 7 prohibit:

  • Transfer
  • Conversion
  • Movement
  • Disposition
  • Assignment
  • Pledging of assets owned or controlled by designated persons.

When freezing an asset, all avenues of access must be blocked if within your control.

Unfreezing Assets

Frozen assets cannot be unfrozen unless the UNSC changes its resolution or a person is delisted.