Financial Crime World

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Nauru Pledges to Remain Vigilant Against Global Threats

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The Republic of Nauru has reaffirmed its commitment to combating anti-money laundering (AML) and combating the financing of terrorism (CFT) activities, stating that it will continue to enhance its efforts to prevent, deter, detect, and disrupt such contravening activities.

Five-Pillar Strategy

According to a recent report, Nauru’s five-pillar strategy is the foundation for its continued efforts to combat AML/CFT. The country has established strong working relationships with international counterparts to facilitate cooperation in combating AML/CFT, ensuring that all stakeholders have a clear understanding of the risks, threats, and vulnerabilities.

Objectives

The strategy aims to achieve several key objectives by specific deadlines:

  • Completing legislative drafting projects
  • Establishing anti-money laundering and combating the financing of terrorism (AMLC) and proliferation prevention programs (PPP)
  • Identifying AML/CFT risks
  • Enhancing border currency reporting
  • Implementing targeted financial sanctions
  • Preparing for a second mutual evaluation

Adherence to International Standards

Nauru’s commitment to combating AML/CFT is reflected in its adherence to international standards on combating money laundering and the financing of terrorism and proliferation. The country has incorporated 40 Financial Action Task Force (FATF) Recommendations into its national strategy, which outlines policies and coordination measures to:

  • Assess risks
  • Apply a risk-based approach
  • Require financial institutions and designated non-financial businesses and professions to identify and mitigate AML/CFT risks

Timeline

Here is the timeline for Nauru’s efforts to combat AML/CFT:

  • Completion of legislative drafting project: September 2023
  • Establishment of AMLGC, AMLOC, and PPP: May-June 2023
  • AML/CFT Risk Identification: September 2023
  • Enhanced Border Currency Reporting: June 2023
  • Implementation of targeted financial sanctions: September 2023
  • Complete preparations for second ME: July/August 2023

Policy Details

Effective Date

The policy effective date is July 1, 2022.

Review Date

The policy review date is June 30, 2025.

Facilitator

The policy facilitator is the Financial Intelligence Unit.