Nauru Moves to Enhance CFT Awareness and Training
The Republic of Nauru has launched a comprehensive strategy aimed at promoting awareness and training among law enforcement agencies and other stakeholders to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime.
Developing Skills and Capacity
The National Strategy for AML/CFT 2022-2025 aims to develop the skills and capacity of law enforcement agencies by providing interagency training on AML/CFT issues. The training will focus on:
- Sharing experiences
- On-the-job learning
- Addressing Nauru’s specific AML/CFT risks
Additionally, the strategy encourages online self-paced training on AML/CFT offered without cost by international organizations to enhance technical skills, including analytical and supervisory capabilities, through regional and international partnerships and donor support.
Improving Data Collection Mechanisms
To improve data collection and sharing of statistical information on AML/CFT issues, the strategy:
- Calls for awareness campaigns with AML committees on the importance of recording and collecting such information
- Develops a template with guidelines to facilitate data collection
- Establishes periodic reporting by the Financial Intelligence Unit (FIU)
- Explores technology as an option for improving data collection, sharing, and storage
Monitoring Progress and Collaboration
The FIU will be responsible for monitoring and assessing the effectiveness of the strategy, with annual progress reports to the Council. All key stakeholders are expected to provide support by ensuring compliance with the strategy at their respective levels.
The success of the strategy depends on a collaborative effort among:
- Law enforcement agencies
- Financial institutions
- Other relevant authorities
Policymakers, FIU, law enforcement authorities, supervisors, and other relevant competent authorities will work together to develop and implement policies and activities to combat money laundering, terrorist financing, and the financing of proliferation.
International Best Practices
The strategy is informed by international best practices, including:
Financial Action Task Force (FATF) Recommendations
- Recommendation 1: Assessing risks and applying a risk-based approach
- Recommendation 2: National cooperation and coordination among relevant authorities
By adopting this comprehensive strategy, Nauru is demonstrating its commitment to strengthening its AML/CFT regime and combating the threat of terrorism and proliferation financing.