Financial Crime World

Nauru Vows to Remain Vigilant Against Global Threats

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

Five-Pillar Strategy

Nauru’s five-pillar strategy is the foundation for its continued efforts to combat AML/CFT. The country aims to ensure that all stakeholders have a clear understanding of the risks, threats, and vulnerabilities associated with these activities and take adequate measures to address them.

International Cooperation

The Republic has established strong working relationships with international counterparts to facilitate cooperation in combating AML/CFT contravening activities. Nauru’s strategy reflects identified AML/CFT risks for the country and outlines efforts to combat those risks.

Key Milestones

Key milestones have been set, including:

  • Completion of legislative drafting by September 2023
  • Establishment of anti-money laundering and combating the financing of terrorism (AMLGC) and anti-money laundering office (AMLOC) by May-June 2023
  • Implementation of targeted financial sanctions by September 2023

FATF Recommendations

The Financial Action Task Force (FATF) has recommended that Nauru implement a risk-based approach to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with identified risks. The country is required to:

  • Identify, assess, and understand the proliferation financing risks for the country
  • Take commensurate action to mitigate them effectively

National Cooperation and Coordination

The FATF has also emphasized the importance of national cooperation and coordination in combating AML/CFT contravening activities. Nauru’s policy-makers, financial intelligence unit (FIU), law enforcement authorities, supervisors, and other relevant competent authorities are required to have effective mechanisms in place for domestic cooperation and information exchange concerning policies and activities to combat money laundering, terrorist financing, and the financing of proliferation.

Commitment to Remaining Vigilant

The Republic of Nauru has committed to remaining alert to global threats that may impact its stability and will continue to enhance its efforts to counter AML/CFT contravening activities.