NAURU Introduces Anti-Money Laundering and Targeted Financial Sanctions Regulations

Strengthening Financial Integrity and Combating Criminal Activities

The Government of Nauru has introduced new regulations aimed at preventing money laundering and combating targeted financial sanctions. The Anti-Money Laundering and Targeted Financial Sanctions (Parallel Financial Investigations) Regulations 2024 came into force on June 14, 2024.

Key Provisions

• Institutions and entities operating in Nauru are required to implement strict anti-money laundering measures to prevent the use of their services for financial crimes.
• The regulations provide for targeted financial sanctions against individuals and entities suspected of engaging in terrorist financing or other serious criminal activities.
• Financial institutions and designated non-financial businesses and professions (DNFBPs) must:
  • Conduct customer due diligence
  • Monitor transactions
  • Report suspicious activities
  • Maintain accurate records
  • Provide information to the relevant authorities upon request

Enhancing Financial Integrity and Reputation

The Anti-Money Laundering and Targeted Financial Sanctions (Parallel Financial Investigations) Regulations 2024 are part of Nauru’s efforts to comply with international standards on combating money laundering and terrorist financing. The regulations are expected to:

• Enhance the country’s financial integrity
• Protect its citizens from the risks associated with financial crimes
• Strengthen cooperation between Nauru and other countries in preventing money laundering and combating terrorist financing

Enforcement and Implementation

The regulations will be enforced by [responsible department], which will work closely with other government agencies and international partners to ensure their effective implementation and enforcement. The regulations will also provide a framework for cooperation between Nauru and other countries in preventing money laundering and combating terrorist financing.