Financial Crime World

Title

The tiny Pacific Island nation of Nauru has released an updated National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) for the 2022-2025 period.

Introduction

  • Nauru, a member of the Asia Pacific Group on Money Laundering (APG), is committed to addressing money laundering, terrorist financing, proliferation financing, and other financial crimes.
  • International commitments, including FATF recommendations, form the basis of this strategy.

Purpose

  • Develop a solid framework for addressing identified risks
  • Provide guidance for implementation
  • Ensure ongoing evaluation and improvement of measures

Incorporating FATF Recommendations

  • Nauru has sought to comply with FATF recommendations since the 2012 mutual evaluation
  • Enacted new laws, strengthened collaboration, and enhanced the overall AML/CFT framework

Government Framework

  • Established National Anti-Money Laundering Governance Council (AMLGC)
  • AML Officials Committee (AMLOC) comprises key government officials and representatives from various departments
  • Role: Oversee implementation and coordinate efforts

Private Sector Partnership

  • AML Private Partners’ Committee (AMPPC) fosters collaboration, supports capacity building, and promotes a culture of compliance

Legislation

  • Amendments to Anti-Money Laundering Act (AMLA) reflect current requirements
  • Crucial role in enforcement and investigation capabilities

Objectives

  • Improve AML/CFT framework
  • Strengthen investigation and prosecution mechanisms
  • Enhance international and domestic cooperation
  • Raise awareness
  • Promote capacity building

Moving Forward

  • Continuously work closely with international partners
  • Engage in capacity building initiatives
  • Regularly review and update strategy

Effective Date

July 1, 2022

Review Date

June 30, 2025

Policy Facilitator

Financial Intelligence Unit

With this strategy, the Republic of Nauru reaffirms its commitment to upholding financial integrity by adhering to the highest international standards and collaborating with international partners to effectively counter financial crimes.