Law Enforcement Agencies Boost Skills and Capacity to Combat Money Laundering and Terror Financing

The Republic of Nauru has launched a five-pillar strategy aimed at developing the skills and capacity of law enforcement agencies to combat money laundering and terror financing. The strategy focuses on promoting inter-agency training, online self-paced training, technical skills training, data collection mechanisms, and technology-enhanced data sharing.

Promoting Inter-Agency Training

The strategy promotes inter-agency training on anti-money laundering (AML) and combating the financing of terrorism (CFT). This includes encouraging online self-paced training offered by international organizations without cost. The goal is to enhance the skills and capacity of law enforcement agencies in these critical areas.

Technical Skills Training

The strategy also identifies training on technical skills such as analytical and supervisory skills with technical assistance from regional and international partners and donors. This will enable law enforcement agencies to effectively investigate and prosecute cases related to money laundering and terror financing.

Data Collection Mechanisms

The strategy aims to improve data collection mechanisms on AML/CFT-related issues by sectors, including financial institutions and designated non-financial businesses and professions. To achieve this goal:

The Financial Intelligence Unit (FIU) will conduct awareness campaigns with the AML Committees on the obligation of recording and collecting statistical information on AML/CFT activities.
The FIU will develop a template with guidelines on the collection of statistical information for AML/CFT.

The strategy emphasizes the importance of technology in improving data collection, sharing, and storage. To achieve this goal:

The FIU will explore options to enhance its data collection mechanisms using technology.
The agency will work closely with other relevant authorities to ensure seamless coordination and cooperation in implementing the strategy.

Monitoring Progress

The FIU has been tasked with monitoring and assessing the effectiveness of the strategy, as well as reporting progress on an annual basis. This will enable the government to track progress and make necessary adjustments to achieve its goals.

Conclusion

The Republic of Nauru is committed to ensuring that its law enforcement agencies have the necessary skills and capacity to effectively combat money laundering and terror financing. The five-pillar strategy is a crucial step towards achieving this goal, and will help to strengthen the country’s efforts in this critical area.