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Nauru’s Strategy to Combat Money Laundering and Terrorism Financing Gets Boost
The Republic of Nauru has unveiled a five-pillar strategy aimed at preventing, deterring, detecting, and disrupting money laundering (ML) and terrorism financing (TF) activities. The National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism 2022-2025 outlines measures to strengthen the country’s financial system and enhance its capacity to combat ML/TF.
Strengthening Capacity and Training
Nauru will utilize opportunities to develop skills and capacity of law enforcement agencies by promoting inter-agency training on anti-money laundering (AML) and combating the financing of terrorism (CFT) issues. The government has also committed to encouraging online self-paced training on AML/CFT, which is offered without cost by international organizations.
- Develop skills and capacity of law enforcement agencies through inter-agency training on AML/CFT
- Encourage online self-paced training on AML/CFT
Improving Data Collection Mechanisms
To improve data collection mechanisms on AML/CFT-related issues, Nauru has committed to conducting awareness campaigns with AML Committees on the obligation of recording and collecting statistical information on ML/TF activities. The government has also developed a template with guidelines on the collection of statistical information for AML/CFT and will establish periodic collection of information by the Financial Intelligence Unit (FIU).
Leveraging Technology
The strategy highlights the importance of technology in improving data collection, sharing, and storage. Nauru has committed to leveraging technology to enhance its capacity to combat ML/TF and improve the efficiency of its financial system.
Government Commitment
“We are committed to ensuring that our financial system is robust and resilient against the threats of money laundering and terrorism financing,” said a government spokesperson. “Our strategy outlines measures to strengthen our capacity to detect, prevent, and disrupt these illegal activities, and we are confident that it will contribute to the stability and security of our country.”
International Support
The National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism 2022-2025 has received backing from international organizations, including the Financial Action Task Force (FATF). The strategy is seen as a significant step forward in Nauru’s efforts to combat ML/TF and strengthen its financial system.
Key Measures
- Identify training on technical skills, such as analytical and supervisory skills, with technical assistance from regional and international partners and donors
- Improve data collection mechanisms on AML/CFT-related issues
- Leverage technology to enhance capacity to combat ML/TF and improve efficiency of financial system
Contact
For more information, please contact the Ministry of Finance, Republic of Nauru.