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National Strategy Against Money Laundering and Terrorism Financing in the Republic of Nauru

The Republic of Nauru has developed a comprehensive strategy to combat money laundering (AML) and financing of terrorism (CFT). This national strategy outlines key policy dates, and aligns with the 40 Financial Action Task Force (FATF) recommendations.

Key Points

National Strategy

• The Republic of Nauru has developed a National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism 2022-2025.
• This strategy provides a framework for implementing AML/CFT policies in the country.

Policy Dates

• Policy Effective Date: 01.07.22
• Policy Review Date: 30.06.25
• The Financial Intelligence Unit (FIU) is responsible for facilitating the implementation of this policy.

FATF Recommendations

The document includes the full list of 40 FATF recommendations for AML/CFT. These recommendations provide a comprehensive framework for countries to implement effective AML/CFT measures.

Risk Assessment and Mitigation

• Countries should conduct thorough risk assessments to identify, assess, and understand money laundering and terrorist financing risks.
• They should take action to mitigate these risks effectively, including designating an authority or mechanism to coordinate actions.

National Cooperation and Coordination

• Countries should have national AML/CFT/CPF policies informed by the identified risks.
• They should designate an authority or have a coordination mechanism responsible for implementing such policies.

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