Financial Crime World

NAURU STRENGTHENS FINANCIAL CRIME PREVENTION REGULATIONS IN RESPONSE TO GLOBAL TERRORISM THREATS

The Government of Nauru has taken a significant step in enhancing its financial crime prevention regulations to combat terrorism and transnational organized crime. The Cabinet has issued the Counter Terrorism and Transnational Organized Crime (Targeted Financial Sanctions) Regulations 2023, which introduces new measures to restrict dealing with property and financial services linked to designated individuals or entities.

Key Objectives of the Regulations

The regulations aim to prevent the financing of terrorism and other illicit activities by restricting access to financial services for persons or entities listed under United Nations Security Council resolutions. The regulations also require financial institutions to screen customers against designated lists and report suspicious transactions to the Financial Intelligence Unit.

New Provisions

  • Prohibition on dealing with property owned or controlled by designated individuals or entities: Financial institutions are prohibited from dealing with property, income, or financial services linked to designated individuals or entities.
  • Restriction on making available property, income, or financial services to designated individuals or entities: Financial institutions are restricted from making available property, income, or financial services to designated individuals or entities.
  • Obligation for financial institutions to screen customers against designated lists and report suspicious transactions: Financial institutions are required to screen customers against designated lists and report suspicious transactions to the Financial Intelligence Unit.
  • Penalties for non-compliance, including fines and imprisonment: Non-compliance with the regulations may result in fines and imprisonment.

Implementation Timeline

  • Immediate implementation of new regulations: The regulations will take effect immediately upon publication.
  • Financial institutions required to review and update policies and procedures within 6 months: Financial institutions are required to review and update their policies and procedures within 6 months to comply with the new regulations.
  • Regular reporting requirements for suspicious transactions: Financial institutions will be required to report suspicious transactions on a regular basis.

Contact Information

For further information on the Counter Terrorism and Transnational Organized Crime (Targeted Financial Sanctions) Regulations 2023, please contact:

Financial Intelligence Unit Government of Nauru

Phone: +674 XXXXXXXX Email: finint@naurugov.nr

Website: www.naurofficeofgovernment.com