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Palau Strengthens Anti-Money Laundering and Combating Terrorist Financing Efforts, IMF Report Finds

A recent assessment report by the International Monetary Fund (IMF) has highlighted Palau’s significant progress in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) legislative framework.

Key Developments

• Palau has been actively working on AML/CFT efforts since 2001, with key amendments to the:
  • Money Laundering and Proceeds of Crime Act of 2001
  • Financial Institutions Act of 2001
• The Counter-Terrorism Act of 2007 and Cash Courier Disclosure Act of 2007 were also enacted to further enhance Palau’s AML/CFT regime.
• Money laundering is now criminalized under the Money Laundering and Proceeds of Crime Act of 2001.

IMF Assessment

The IMF assessment found that Palau has taken concrete steps to improve its AML/CFT framework, which is a positive development for the Pacific island nation. The full report provides further details on Palau’s progress in this area, including its efforts to:

• Implement effective measures to prevent and detect money laundering and terrorist financing activities.

Overall, Palau’s strengthened AML/CFT legislative framework demonstrates its commitment to combating financial crimes and ensuring a stable and secure financial system.