Palau Establishes Independent Agency to Combat Financial Crimes

The Republic of Palau has taken a significant step in combating financial crimes by establishing an independent agency, the Financial Intelligence Unit (FIU), in 2001.

Mission and Responsibilities

The FIU is tasked with:

• Receiving, analyzing, and disseminating financial intelligence to prevent money laundering and terrorism financing
• Supervising financial institutions and designated non-financial businesses and professions to ensure compliance with Palau’s Money Laundering and Proceeds of Crime Act

This move aims to strengthen the country’s efforts in detecting and preventing illicit activities that threaten national security and stability.

Global Cooperation and Standards

The establishment of the FIU demonstrates Palau’s commitment to international cooperation and adherence to global standards for combating financial crimes. The agency plays a crucial role in:

• Safeguarding the integrity of Palau’s financial system
• Protecting its citizens from financial harm
• Maintaining good relations with international partners

By establishing an independent agency dedicated to combating financial crimes, Palau is taking a proactive approach to ensuring the stability and security of its financial sector.