Financial Crime World

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Financial Intelligence Unit (FIU) Efforts in Nauru to Combat Money Laundering, Terrorism Financing, and Proliferation Financing

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The Financial Intelligence Unit (FIU) in Nauru has been working diligently to combat money laundering, terrorism financing, and proliferation financing, as well as other financial crimes. In this article, we will outline the efforts of the FIU in detail.

Introduction

  • The FIU is working closely with supervisory authorities and law enforcement agencies to identify risks and vulnerabilities.
  • Nauru has issued a Virtual Assets Service Provider (VASP) Policy to ensure transparency and accountability.

Overview of VASPs in Nauru

Risks Associated with VASPs

  • VASPs pose significant risks of money laundering, terrorism financing, and proliferation financing.
  • Nauru has implemented laws and regulations to regulate VASPs, including the Anti-Money Laundering and Terrorism Financing Act 2023.

Regulation of VASPs in Nauru

Compliance Requirements for VASPs

  • Any VASP intending to operate in Nauru must comply with local laws, including the AML-TFS Act 2023 and other relevant legislation.
  • The FIU has not identified any VASPs operational in Nauru.

National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism

Introduction of a National Strategy

  • The FIU introduced a National Strategy in 2022 to formalize Nauru’s approach to combating money laundering, terrorism financing, and proliferation financing.
  • The strategy sets out specific goals and objectives and introduces three committees:
    • AML Governance Committee
    • AML Officials Committee (AMLOC)
    • Private Partners Committee

Coordination with Supervisory Authorities and Other Authorities

Collaboration with Stakeholders

  • The FIU works closely with supervisory authorities and law enforcement agencies to identify risks and vulnerabilities.
  • The FIU publishes laws, regulations, policies, guidelines, and notices on its website to ensure stakeholders are aware of these documents.

Coordination within the Republic

Collaboration between Authorities

  • The FIU works in close collaboration with Nauruan supervisory authorities and law enforcement agencies to identify specific risks and vulnerabilities.
  • The AML Officials Committee (AMLOC) meets regularly to share information, identify risks, and find mitigating strategies.

Nauru’s Approach in Combatting Crimes

Collaboration between Stakeholders

  • The FIU works closely with all stakeholders through the AMLOC and PPC committees to ensure a contribution from all sectors in identifying risks and vulnerabilities.
  • The approach involves sharing strategic analysis findings, including the NRA 2023, with all stakeholders to ensure awareness of current crime trends and patterns.

Collaboration between Authorities

  • This case study illustrates the coordination between the FIU and law enforcement authorities in addressing alleged forgery at the Passport office.