Financial Crime World

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Nauru Unveils New Strategy to Combat Money Laundering and Terrorism Financing

The Republic of Nauru has launched a new national strategy to combat money laundering and terrorist financing, aimed at strengthening its efforts to prevent and detect these illicit activities.

Five-Pillar Strategy

The five-pillar strategy, which spans from 2022 to 2025, focuses on:

  • Developing the skills and capacity of law enforcement agencies
  • Promoting inter-agency training on anti-money laundering (AML) and combating the financing of terrorism (CFT)
  • Encouraging online self-paced training on AML/CFT issues

Key Objectives

The strategy has several key objectives, including:

  • Developing, promoting, and improving data collection mechanisms on AML/CFT-related issues by sectors
  • Improving collection and sharing of statistical information on AML/CFT issues
  • Conducting awareness campaigns with AML committees on the obligation of recording and collecting statistical information on AML/CFT activities
  • Developing templates with guidelines on the collection of statistical information for AML/CFT

Implementation Plan

The strategy will be implemented through a series of actions, including:

  • Completion of the legislative drafting project by September 2023
  • Establishment of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Governance Committee, Anti-Money Laundering Oversight Committee, and Public-Private Partnership for better collaboration by May-June 2023
  • AML/CFT risk assessment and mitigation plan to be completed by December 2022
  • Online self-paced training on AML/CFT issues to be provided to relevant authorities by June 2023

International Cooperation

The Republic of Nauru has committed to cooperating with international organizations, including the Financial Action Task Force (FATF), to combat money laundering and terrorist financing. The country will also work closely with regional and international partners to share information and best practices.

Conclusion

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The new strategy is a significant step forward in Nauru’s efforts to combat money laundering and terrorist financing. The country’s commitment to improving its AML/CFT regime and enhancing international cooperation sends a strong message that it is serious about preventing these illicit activities and protecting the financial system.

For more information, please contact [Name of spokesperson or relevant authority].