Financial Crime World

National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) for the Republic of Nauru

Introduction

The Republic of Nauru has developed a National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) to prevent and combat money laundering, terrorist financing, and proliferation financing. This document outlines the country’s approach to implementing international standards in this area.

Document Structure

The document consists of several sections:

Policy Effective Date

July 1, 2022

  • The effective date of the policy is July 1, 2022.

Policy Review Date

June 30, 2025

  • The review date of the policy is June 30, 2025.

Policy Facilitator

Financial Intelligence Unit (FIU)

  • The Financial Intelligence Unit (FIU) is identified as the facilitator of the policy.

Main Content

The main content of the document consists of two sections:

International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation

40 Recommendations of the Financial Action Task Force (FATF)

  • The 40 Recommendations of the Financial Action Task Force (FATF) provide a global standard for combating money laundering, terrorist financing, and proliferation financing.
  • These recommendations are reproduced in this section.

National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism 2022-2025

  • This section outlines the country’s strategy to implement the FATF Recommendations.

Key Objectives

The National Strategy includes several key objectives:

  • Assessing Risks and Applying a Risk-Based Approach: The country should identify, assess, and understand the money laundering and terrorist financing risks for the country.
  • National Cooperation and Coordination: The country should have national AML/CFT/CPF policies informed by the risks identified, which should be regularly reviewed.

Key Recommendations

The document also includes several key recommendations:

  • Risk-Based Approach: Countries should apply a risk-based approach to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the risks identified.
  • National Cooperation and Coordination: Countries should have national AML/CFT/CPF policies, informed by the risks identified, which should be regularly reviewed.

Conclusion

The document outlines the Republic of Nauru’s commitment to preventing and combating money laundering, terrorist financing, and proliferation financing, and provides a framework for implementing international standards in this area.