Introducing the Anti-Money Laundering and Targeted Financial Sanctions Bill 2023

Honorable Members of Parliament,

I am proud to present to you today the Anti-Money Laundering and Targeted Financial Sanctions Bill 2023, a critical piece of legislation aimed at bringing Nauru’s laws in line with international standards on combating money laundering, terrorist financing, and proliferation financing.

The Purpose of the Bill

This bill seeks to establish a robust framework for preventing and detecting money laundering, as well as implementing targeted financial sanctions to counter terrorism and proliferation. By introducing this legislation, we are taking a significant step towards maintaining a strong reputation for legitimate business in Nauru, while also ensuring compliance with international standards.

Key Provisions of the Bill

The Anti-Money Laundering and Targeted Financial Sanctions Bill 2023 includes several key provisions that will significantly enhance our country’s ability to combat money laundering and terrorist financing:

Comprehensive Reporting Regime: Establishes a comprehensive reporting regime for anti-money laundering, requiring financial institutions to report suspicious transactions and maintain accurate records.
Supervision and Investigation Powers: Grants the Financial Intelligence Unit (FIU) the power to supervise compliance with AML/CFT regulations and investigate suspicious activity.
Targeted Financial Sanctions Regime: Introduces a targeted financial sanctions regime to implement UN Security Council sanctions on terrorism and proliferation, ensuring that Nauru remains compliant with international standards.
Repeal of Existing Legislation: Repeals the existing Anti-Money Laundering Act 2008, while retaining many of its key provisions in the new bill.

Why a New Bill is Necessary

The previous draft of this legislation was convoluted and difficult to comprehend, making it challenging for stakeholders to understand and implement. This updated bill consolidates recent laws into one comprehensive document, tailored to Nauru’s specific circumstances and aligned with international standards.

Conclusion

In conclusion, the Anti-Money Laundering and Targeted Financial Sanctions Bill 2023 is a critical piece of legislation that will help maintain a strong reputation for legitimate business in Nauru while ensuring compliance with international standards on combating money laundering and terrorist financing. I urge all members to support this bill and work together to strengthen our country’s AML/CFT framework.

Thank you.