Financial Crime World

Nauru: Currency and Precious Metals/Stone Transactions Under Scrutiny

The Financial Intelligence Unit (FIU) in Nauru has been authorized to investigate suspicious transactions involving currency, bearer negotiable instruments, and precious metals/stones being imported into or exported from the country. The unit is required to report any suspicions that the funds are derived from or intended to be used in a serious offense.

Information Sources

The FIU can access various sources of information to verify the legitimacy of transactions, including:

  • Department of Justice and Border Control
  • Register of Business Names
  • Register of Business Licences
  • Register of Corporations
  • Register of Partnerships
  • Register of Beneficial Ownership
  • Register of Private Security
  • Register of Trusts
  • Register of Associations
  • Register of Import Licences
  • Bendigo Agency
  • Nauru Trustee Corporation
  • Nauru Maritime and Port Authority
  • Vehicle or ship registration details
  • Department of Finance
  • Nauru Fisheries and Marine Resources Authority

Verification and Analysis

The FIU must verify the information sources to determine whether the transaction is legitimate or suspicious. The analysis should consider factors such as:

  • Consistency with the nature of business
  • Previous conduct and reputation of the parties involved
  • Possible explanations for the transaction
  • Potential criminal or financial offenses
  • Need for further monitoring

Next Steps

Based on the analysis, the FIU may:

  1. Close the case if no suspicious activity is indicated
  2. Create a financial intelligence brief for investigation if there are indications of criminal conduct, financial crime, or other offenses
  3. Make a request for additional information to clarify the transaction

The FIU must ensure that all requests for information are complete, accurate, and concise, with clear indication of urgency.

Financial Intelligence Brief

A financial intelligence brief is required when a formal investigation is necessary. The brief should include:

  • A summary of the suspicious activity
  • A brief description of the case
  • Indication of whether the request is urgent

The FIU will update its database and SAR sub-folder after completing the investigation.

Request for Information

Requests for additional information or new requests must be made in writing, providing complete and accurate information. The request should include:

  • A clear description of the case
  • Indication of whether the request is urgent
  • Any other relevant information

The FIU will ensure that all requests are executed in a timely and efficient manner.