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Nauru’s National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism 2022-2025

Introduction

The Nauruan government has implemented a comprehensive strategy to combat money laundering and financing of terrorism. The following article outlines the key points of this national strategy, covering its scope, objectives, and implementation timeline.

Key Objectives

• Prevent and suppress money laundering activities
• Prevent and suppress the financing of terrorism
• Strengthen Nauru’s anti-money laundering (AML) and combating the financing of terrorism (CFT) framework

Scope and Implementation Timeline

The strategy will be implemented over a period of four years, from 2022 to 2025. It aims to cover all aspects of AML/CFT in Nauru, including:

Key Areas of Focus

• Regulatory framework and policies
• Supervision and oversight
• Financial institution risk management
• Customer due diligence and identification
• Reporting suspicious transactions
• International cooperation and information exchange
• Awareness and training for relevant stakeholders

Next Steps

To effectively implement this strategy, the Nauruan government will:

Key Initiatives

• Establish a national AML/CFT committee to oversee implementation
• Develop and refine regulatory frameworks and policies
• Provide training and awareness programs for financial institutions and relevant stakeholders
• Enhance international cooperation and information exchange with other countries and organizations