Financial Crime World

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

Developing Skills and Capacity of Law Enforcement Agencies

In order to effectively combat money laundering and terrorist financing, Nauru is committed to developing the skills and capacity of its law enforcement agencies. Training has been identified as a key priority area, with a focus on shared experiences and on-the-job learning.

  • Law enforcement agencies will receive online self-paced training on anti-money laundering (AML) and combating the financing of terrorism (CFT), offered at no cost by international organizations.
  • Technical skills training, including analytical and supervisory skills, will be provided with assistance from regional and international partners.

Data Collection Mechanism

Nauru is committed to developing a robust data collection mechanism on AML/CFT-related issues across all sectors. This will involve improving the collection and sharing of statistical information on AML/CFT activities.

  • The Financial Intelligence Unit (FIU) will be responsible for monitoring and assessing the effectiveness of this strategy, with annual reports submitted to the Council.
  • The FIU will also establish a periodic collection of information, every 3-6 months, to ensure that data is up-to-date and accurate.

International Cooperation

Nauru recognizes the importance of international cooperation in combating money laundering and terrorist financing. As such, the government has established strong working relationships with international counterparts to facilitate cooperation and information sharing.

  • The strategy emphasizes the need for all stakeholders to have a clear understanding of AML/CFT risks, threats, and vulnerabilities, and to take effective action to mitigate these risks.

FATF Recommendations

Nauru’s National Strategy is aligned with the Financial Action Task Force (FATF) Recommendations on AML/CFT. The country has committed to implementing FATF Recommendation 1, which assesses money laundering and terrorist financing risks and applies a risk-based approach to ensure that measures are commensurate with the identified risks.

  • The government has also committed to implementing FATF Recommendation 2, which emphasizes national cooperation and coordination in AML/CFT efforts. This includes designating an authority or mechanism responsible for developing and implementing AML/CFT policies, as well as ensuring effective mechanisms for cooperation and information exchange among relevant authorities.

By implementing these measures, Nauru is poised to strengthen its efforts to combat money laundering and terrorist financing, and to protect the financial system from illegal activities.