Republic of Nauru Unveils New Strategy to Combat Money Laundering and Terrorism Financing

The Republic of Nauru has launched a new national strategy aimed at combating money laundering and terrorism financing, outlining five key pillars that will guide the country’s efforts in preventing, detecting, and disrupting these illegal activities.

Key Objectives

According to the strategy, one of the main goals is to develop the skills and capacity of law enforcement agencies to effectively combat money laundering and terrorism financing. To achieve this:

• The government plans to promote inter-agency training on anti-money laundering and combating the financing of terrorism (AML/CFT) issues.
• Online self-paced training offered by international organizations will also be made available.

Data Collection and Sharing

The strategy emphasizes the importance of data collection and sharing among sectors. To improve this:

• Awareness programs with AML committees will be conducted to ensure that all parties understand their obligation to record and collect statistical information on AML/CFT issues.
• A template will be developed to guide the collection of statistical information, and the Financial Intelligence Unit (FIU) will establish a periodic collection of information.

Monitoring and Reporting

The FIU has been tasked with monitoring and assessing the effectiveness of the strategy, as well as reporting progress to the Council on an annual basis. The government has also emphasized the importance of collaboration with international partners in combating AML/CFT contravening activities.

Five-Pillar Strategy

The five-pillar strategy includes:

1. Strengthening legal frameworks and regulations

2. Enhancing financial institutions’ AML/CFT capabilities

3. Improving data collection and sharing mechanisms

4. Increasing public awareness and education on AML/CFT issues

5. Strengthening international cooperation and coordination

Implementation of FATF Recommendations

The government has committed to implementing the recommendations of the Financial Action Task Force (FATF) to combat money laundering, terrorist financing, and proliferation financing.

Minister’s Statement

In a statement yesterday, the Minister for Justice and Border Control said that the new strategy is an important step towards enhancing the country’s ability to detect and prevent illegal activities. “We are committed to working together with our international partners to combat these threats and protect our citizens,” the minister said.

Accessing the Full Text

The full text of the strategy can be accessed on the government’s website.