Financial Crime World

Kiribati Re-Established as APG Observer Jurisdiction, Establishes Financial Intelligence Unit

Kiribati has regained its observer status at the Asia-Pacific Group on Money Laundering (APG) after a five-year hiatus. The decision was made at the APG’s Annual Meeting in Shanghai, China in July 2013.

Brief History of Kiribati and APG Observer Status

  • Kiribati first gained observer status with the APG in 2001.
  • It held this status until 2009, when it lost its observer status due to a hiatus.
  • After a five-year break, Kiribati has now regained its observer status at the APG.

Strengthening Financial Sector with FIU

In addition to regaining its observer status, Kiribati has taken steps to strengthen its financial sector by establishing a Financial Intelligence Unit (FIU). The FIU is responsible for:

  • Collecting information on suspicious transactions
  • Analyzing and disseminating this information
  • Helping the country combat money laundering and terrorist financing

The establishment of the FIU aims to improve Kiribati’s ability to tackle financial crimes and enhance its financial sector.

About Kiribati

Kiribati is an island nation located in the central tropical Pacific Ocean, comprising:

  • 32 atolls
  • One raised coral island
  • A vast area of 3,500,000 square kilometers
  • A population of approximately 110,000 people

Kiribati is also a member of various international organizations, including:

  • The Commonwealth of Nations
  • The International Monetary Fund (IMF)
  • The World Bank
  • The United Nations, which it became a full member of in 1999.

Positive Impacts on the Economy and International Relations

With its re-establishment as an APG observer jurisdiction and the establishment of a Financial Intelligence Unit, Kiribati is now better equipped to tackle financial crimes and improve its financial sector. This development is expected to have positive impacts on the country’s economy and international relations.

By regaining its observer status at the APG and establishing a FIU, Kiribati has demonstrated its commitment to combating financial crimes and improving its financial sector. This move will help strengthen the country’s economic stability and enhance its international reputation.