Title: International Community Rallies to Combat Financial Crimes in Nauru: New Strategy Unveiled

Subtitle: The Pacific Islands Nation Takes a Holistic Approach to Addressing Money Laundering, Terrorist Financing, and Proliferation Financing Threats

The Republic of Nauru has recently announced its new National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) 2022-2025. This strategy marks Nauru’s commitment to combatting financial crimes at a global level.

Background

• Nauru joined the Asia Pacific Group on Money Laundering (APG) in 2007.
• Enacted its first Anti-Money Laundering Act (AML Act) in 2004.
• Has undergone continuous reforms to improve AML/CFT technical compliance and effectiveness.

Evolving Challenges and Response

• Following the 2012 Mutual Evaluation (ME), Nauru has undergone substantial legislative and regulatory transformations.
• Amendments to existing laws and the enactment of new ones to meet evolving AML/CFT requirements.

Risk-Based and Collaborative Approach

• Strategy focuses on addressing risks and vulnerabilities identified.
• Emphasizes collaboration between public and private sector stakeholders.

Organizational Framework

• AML Governance Council (AMLGC)
• AML Officials Committee (AMLOC)
• AML Private Partnership Committee (AMLPPC)

Key Objectives

1. Improve the AML/CFT framework to detect, disrupt, and prevent AML/CFT contravening activities.
2. Develop and improve the effectiveness of AML/CFT investigation and prosecution mechanisms.
3. Strengthen international and domestic cooperation for AML/CFT.
4. Strengthen awareness raising and capacity building for AML/CFT contravening activities.
5. Develop, promote, and improve data collection on AML/CFT-related issues.

Implementation Timeline

• Complete legislative drafting project by September 2023
• Establish key committees by May-June 2023
• Engage with the international community and learn from best practices through Egmont Group membership
• Prepare for the second ME assessment.