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Nauru Imposes Financial Sanctions Regulations to Combat Terrorism

The Republic of Nauru has introduced new financial sanctions regulations to combat terrorism and transnational organized crime. The Counter Terrorism and Transnational Organised Crime (Targeted Financial Sanctions) Regulations 2023 came into effect on May 9, aiming to restrict dealings with property and services linked to designated persons or entities.

Key Provisions

• Prohibit individuals and entities from dealing with property owned or controlled by designated terrorist organizations, individuals, or entities.
• Require financial institutions to screen customers against a list of designated persons or entities and report any suspicious transactions related to frozen properties.
• Impose strict reporting requirements on individuals and entities that are in possession of frozen properties or have been requested to provide financial services in contravention of the regulations.

Consequences of Non-Compliance

Violations of these regulations can result in:

• Fines up to $10,000 for individuals
• Fines up to $50,000 for corporate bodies
• Imprisonment terms not exceeding two years

Monitoring and Enforcement

The Financial Intelligence Unit has been tasked with monitoring compliance and reporting any breaches to the relevant authorities.

Significance of the Regulations

Experts believe that these regulations will enhance Nauru’s ability to detect and prevent terrorist financing activities, while also protecting the financial system from abuse. As Nauru continues to work towards strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, these regulations are a significant step forward in ensuring the integrity of its financial sector.

Source: Ministry of Finance and Economic Development, Republic of Nauru