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KIRIBATI RE-ESTABLISHED AS OBSERVER JURISDICTION IN FIGHT AGAINST MONEY LAUNDERING

In a significant move, Kiribati has been re-instated as an observer jurisdiction by the Asia-Pacific Group on Money Laundering (APG) at its annual meeting in Shanghai, China last July. This marks a milestone for the small Pacific island nation, which was previously an APG observer from 2001 to 2009.

Kiribati’s Progress Against Money Laundering

Despite being a relatively small country, Kiribati has made significant strides in combating money laundering and terrorist financing. The country has:

• Established a Financial Intelligence Unit (FIU), responsible for analyzing and disseminating financial information to prevent illegal activities.
• Implemented a system for reporting suspicious transactions, demonstrating its commitment to international anti-money laundering standards.

International Partnerships

As a member of the Commonwealth of Nations, the International Monetary Fund (IMF), and the World Bank, Kiribati is well-positioned to leverage its membership to access technical assistance and training to strengthen its financial sector. In 1999, it became a full member of the United Nations, further solidifying its international presence.

Kiribati’s Commitment to Fighting Money Laundering

Kiribati’s re-instatement as an observer jurisdiction by the APG underscores its determination to tackle money laundering and ensure the integrity of its financial system. This significant move demonstrates Kiribati’s commitment to combating financial crimes and maintaining a secure and stable economy.