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Mutual Evaluation Report: Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Measures in Nauru

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Introduction

This report provides an overview of the effectiveness of Nauru’s AML/CFT regime and offers recommendations for improvement. If you have any specific questions or require further context, please let us know so we can assist you better.

Key Findings

While Nauru has made progress in implementing AML/CFT measures, there are still several weaknesses and gaps that need to be addressed:

• Limited Regulatory Framework: The country lacks a prudential regulator or supervisor, and banking legislation is limited.
• Insufficient Risk-Based Approaches: There are no guidelines on risk-based approaches to preventive measures, and Customer Due Diligence (CDD) requirements have gaps.
• Restrictive STR Reporting: Suspicious Transaction Report (STR) reporting is limited due to narrow predicate offenses and restrictive conditions.

Recommendations for Improvement

Nauru has taken steps to improve its AML/CFT regime by:

• Issuing guidelines for reporting and examples of “red flags” to identify suspicious transactions.
• Taking a proactive approach to addressing weaknesses and gaps in its AML/CFT measures.

Conclusion

This report highlights the importance of continuous improvement and cooperation between Nauru and the international community to strengthen its AML/CFT regime. If you have any questions or require further information, please don’t hesitate to ask.