Financial Crime World

Anti-Money Laundering and Targeted Financial Sanctions Bill 2023: A New Era for Nauru

Introduction

Honorable members of Parliament, I rise today to introduce the Anti-Money Laundering and Targeted Financial Sanctions Bill 2023. This bill seeks to strengthen our country’s laws against money laundering, terrorist financing, and proliferation financing by bringing them into line with international standards set by the Financial Action Task Force (FATF).

Key Objectives of the Bill

The Anti-Money Laundering and Targeted Financial Sanctions Bill 2023 aims to:

  • Provide effective measures for combating money laundering: The bill introduces a comprehensive framework for detecting, preventing, and investigating money laundering activities.
  • Enable detection and prevention of financial crimes: Reporting entities will be required to establish procedures and commit resources to comply with requirements for combating money laundering and terrorist financing.
  • Protect Nauru’s financial system: The bill ensures that our financial system is protected from being used for illicit purposes, such as money laundering and terrorism financing.
  • Empower the Financial Intelligence Unit (FIU): The FIU will be empowered to carry out its powers, functions, and responsibilities under the bill or any other written law.
  • Enforce targeted financial sanctions: The bill enables enforcement of targeted financial sanctions to prevent and arrest terrorism, terrorist financing, and proliferation financing.
  • Comply with international standards: The new bill includes updates on international standards and is tailored to Nauru’s specific circumstances.

Repeal of the Existing Act

The Anti-Money Laundering Act 2008 will be repealed, but many of its key provisions will be retained in a new format that is comprehensive, chronological, and easier to understand. This ensures continuity and consistency in our approach to combating financial crimes.

Conclusion

I request that the explanatory memorandum be read and recorded in the Hansard Reports. I commend the bill to the House for consideration and urge all members to carefully review its provisions before voting on it.