Financial Crime World

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NAURU: Financial Crime Investigation Techniques Get Boost with New Legislation

The Republic of Nauru has taken a significant step towards strengthening its financial crime investigation techniques by introducing new legislation aimed at combating money laundering and terrorist financing.

Anti-Money Laundering and Targeted Financial Sanctions Act 2023

According to sources within the Department of Justice and Border Control, the Anti-Money Laundering and Targeted Financial Sanctions Act 2023 has been passed. This act sets up the Financial Intelligence Unit (FIU) as a statutory body responsible for monitoring and investigating suspicious financial transactions.

Functions of the FIU

The FIU, established within the Department of Justice and Border Control, is tasked with performing various functions under the new legislation, including:

  • Conducting parallel financial investigations
  • Analyzing proceeds of crime
  • Maintaining records of beneficial ownership

Preparations for Mutual Evaluation by FATF

In preparation for its Mutual Evaluation (ME) by the Financial Actions Task Force (FATF), Nauru’s FIU worked closely with the Office of the Legislative Drafter to draft new laws and amend existing ones, ensuring that they meet international standards.

Technical Assistance from APGML

The country has also received technical assistance from the Asia Pacific Group on Money Laundering (APGML) on drafting and amending laws related to anti-money laundering and combating the financing of terrorism.

Guidelines and Circulars

As part of its efforts to combat financial crime, Nauru has developed a range of guidelines and circulars, including:

  • Anti-Money Laundering and Targeted Financial Sanctions (Fit and Proper Person) Criteria
  • Anti-Money Laundering and Targeted Financial Sanctions (Simplified Due Diligence) Guide 2023
  • Suspicious Activity Report Form

National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism

The country has also established a National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism, which outlines its approach to preventing and combating financial crime.