Financial Crime World

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Palau Adheres to International AML/CFT Standards, Report Finds

January 13, 2009

According to a recent report, Palau has made significant strides in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) legislative framework. The country’s efforts have been commended by international financial watchdogs.

Legislative Framework Updates

Palau has updated several key laws to bring them in line with the recommendations of the Financial Action Task Force (FATF). These include:

  • Money Laundering and Proceeds of Crime Act of 2001
  • Financial Institutions Act of 2001
  • Counter-Terrorism Act of 2007
  • Cash Courier Disclosure Act of 2007

These amendments aim to prevent and detect money laundering and terrorist financing activities.

Robust AML/CFT Framework

The report notes that Palau’s AML/CFT framework is now more robust, with the country having implemented a range of measures to:

  • Regulate financial institutions
  • Monitor suspicious transactions
  • Share information with international partners

Additionally, the government has established several agencies and bodies responsible for implementing and enforcing the country’s AML/CFT laws.

Recognition by FATF

Palau’s efforts have been recognized by the FATF, which has praised the country’s progress in combating money laundering and terrorist financing. The report concludes that Palau is now well-positioned to continue improving its AML/CFT regime and maintaining its reputation as a responsible and compliant financial center.