Financial Crime World

Nauru Reaffirms Commitment to Fighting Corruption in Finance Sector

Conference Highlights Strengthened Anti-Corruption Efforts

The Republic of Nauru reaffirmed its commitment to combating corruption in the financial sector during the 10th Session of the Conference of States Parties to the United Nations Convention Against Corruption (UNCAC) held in Atlanta, USA.

Gratitude and Acknowledgments

Nauru’s delegation expressed gratitude to the United States for hosting the conference and praised the efforts of the UN Office on Drugs and Crime (UNODC) and peer reviewers from Nepal and Burundi for their valuable insights during Nauru’s second cycle review under UNCAC.

Progress in Implementing Anti-Corruption Measures

Nauru has made significant strides in implementing anti-corruption measures since its accession to UNCAC in 2012. Notable achievements include:

  • Appointment of an Ombudsman, currently underway
  • Development of a National Anti-Corruption Strategy with UNODC support
  • Enactment of the Anti-Money Laundering and Targeted Financial Sanctions Act 2023, ensuring autonomy of the financial intelligence unit
  • Consistent enforcement of the Beneficial Ownership Act 2017, maintaining a manual register and electronic database of beneficial owners

Strengthened Prosecution Policies

Nauru’s prosecution policies have also been overhauled, with a successful finalization and adoption of the Prosecutions Policy in 2020. The policy is now fully implemented and available to the public.

Court Structure and Laws

The country has made significant changes to its court structure, including:

  • Establishment of the Court of Appeal with justices from within the Pacific region
  • Introduction of virtual courts, allowing court proceedings to be conducted via audiovisual link

Nauru has also reviewed its laws on terrorism, proliferation, and money laundering, repealing and replacing outdated legislation.

Cashless Economy

The country has reduced the use of cash in the economy, with 98% of transactions now digital or electronic, preventing money laundering opportunities.

Conclusion

In conclusion, Nauru reaffirms its commitment to preserving the principles of UNCAC and expresses gratitude for UNODC support in combating corruption.