NAURU STRENGTHENS INTERNATIONAL COOPERATION ON FINANCIAL CRIMES
Efforts to Combat Financial Crimes Bear Fruit
The Republic of Nauru has made significant strides in its fight against financial crimes, thanks to a concerted effort by the country’s Financial Intelligence Unit (FIU). The unit has been working closely with regional and global partners to enhance its capabilities and ensure compliance with international standards on anti-money laundering and combating financing terrorism.
Legislative Framework Meets International Standards
As part of its ongoing commitment to combating financial crimes, Nauru underwent a Mutual Evaluation (ME) by the Asia Pacific Group on Money Laundering (APGML). This peer review process assessed the country’s effectiveness in implementing the Financial Action Task Force (FATF) 40 Recommendations. In preparation for the ME, FIU collaborated with the Office of the Legislative Drafter to draft new laws and amend existing ones, with technical assistance provided by APGML.
The result is a comprehensive legislative framework that meets international standards on anti-money laundering and combating financing terrorism. Key regulations introduced include:
- Anti-Money Laundering and Targeted Financial Sanctions (Parallel Financial Investigation) Regulations 2024: enable FIU to conduct parallel financial investigations in support of law enforcement agencies.
- Anti-Money Laundering and Targeted Financial Sanctions (Fit and Proper Person) Criteria: provide guidelines for assessing the fitness and propriety of individuals and entities.
- Anti-Money Laundering and Targeted Financial Sanctions (Simplified Due Diligence) Guide 2023: offer a simplified due diligence process for certain transactions.
- Suspicious Activity Report Form: facilitate the reporting of suspicious activities.
Enhanced International Cooperation
Nauru has also strengthened its international cooperation on financial crimes by joining various regional and global organizations, including:
- United Nations Security Council Consolidated List: a list of individuals and entities subject to sanctions.
- Designated Non-Financial Business and Professions Customer Due Diligence Guideline: provides guidelines for due diligence on customers.
Recognition from the International Community
Nauru’s efforts have been recognized by the international community, with the country being commended for its progress in combating financial crimes. The government remains committed to continuing this progress and strengthening its cooperation with regional and global partners on anti-money laundering and combating financing terrorism.
Contact: Financial Intelligence Unit Department of Justice and Border Control Ground Floor Government Building Yaren District Republic of Nauru
Phone: [insert phone number] Email: [insert email]