Financial Crime World

Nauru’s Crusade Against Financial Crime: Unveiling the Nation’s Anti-Money Laundering and Counter-Terrorism Financing Strategy 2022-2025

Foreword

In this report, we explore the details of Nauru’s refreshed AML/CFT strategy, a comprehensive plan aimed at tackling financial crimes and establishing effective partnerships domestically and internationally.

The Genesis of the Strategy: International Commitments and the Evolving Threat Landscape

  • Nauru’s commitment to combating money laundering, terrorist financing, and other financial crimes
  • Joining multilateral instruments and UN security council resolutions
  • The importance of a robust and up-to-date AML/CFT strategy

Establishing a Solid Foundation: The Importance of a Risk-Based Approach

  • Identifying, assessing, and understanding Nauru’s money laundering, terrorist financing, and proliferation financing risks
  • Ensuring measures to prevent or mitigate risks are proportionate and effective

Domestic Collaboration and Cooperation

  • Interagency cooperation and coordination
  • Effective communication and collaboration between authorities

International Partnerships and Cooperation

  • Strengening ties with the international community
  • Forging partnerships and collaborations with other countries, FIUs, and similar bodies
  • Nauru’s intended accession to the Egmont Group

The Path Ahead: Key Milestones and Timelines

  • Completion of legislative drafting project by September 2023
  • Establishment of key AML/CFT-related bodies
  • Initiation of proactive risk assessments by June 2023

Conclusion

Nauru’s commitment to combatting financial crimes as it sets an example for other countries.

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National Strategy Framework

  • Comprehensive and inclusive approach to AML/CFT matters

Objectives

  • Achieving effective implementation and enforcement of AML/CFT measures
  • Enhancing the integrity of Nauru’s financial system
  • Ensuring international coopeartion in response to financial crimes

Implementation

  • Setting up measures to identify, assess, and mitigate risks
  • Establishing regulatory and institutional frameworks
  • Developing and implementing risk-based procedures

The Role of Various Committees and Organizations

  • Anti-Money Laundering Governance Council
  • Anti-Money Laundering Officials Committee
  • Public Private Partnership