Financial Crime World

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NAURU Receives Positive Ratings for AML and CFT Regulations

The Financial Action Task Force (FATF) has released its Benin Follow-Up Report 2023, which evaluates NAURU’s compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Key Findings

NAURU received largely compliant ratings for several key areas, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Targeted financial sanctions related to terrorism and terrorist financing

The report noted that NAURU is partially compliant with regulations regarding:

  • Confiscation and provisional measures
  • Money or value transfer services
  • Customer due diligence
  • Record keeping
  • Reliance on third parties

However, the report also identified areas where NAURU requires improvement, including:

  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of DNFBPs (Designated Non-Financial Businesses and Professions)
  • International cooperation

Compliance Ratings

NAURU received compliant ratings for several other areas, including:

  • Financial institution secrecy laws
  • Customer due diligence
  • Internal controls and foreign branches and subsidiaries
  • Reporting of suspicious transactions
  • Tipping-off and confidentiality
  • Powers of supervisors

The country also received a compliant rating for its regulation and supervision of financial institutions, as well as its financial intelligence units and law enforcement authorities.

Improvement Efforts

The report highlights NAURU’s efforts to improve its AML/CFT regulations, including the establishment of a risk-based approach and the implementation of targeted sanctions. However, it also notes that further work is needed to address deficiencies in certain areas.

Conclusion

Overall, the Benin Follow-Up Report 2023 provides a positive assessment of NAURU’s progress in implementing AML/CFT regulations, while also identifying areas for improvement. The report will be used by FATF and other international organizations to inform their assessments of NAURU’s compliance with global standards on AML/CFT.