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Palau Takes Significant Steps to Prevent Money Laundering, Combat Terrorism Financing

A comprehensive assessment report on Palau’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework has been thoroughly examined.

Strengthened Legislative Framework

According to the review, Palau has made significant strides in strengthening its legislative framework, which was initially put in place in 2001. The Money Laundering and Proceeds of Crime Act of 2001 (MLPCA) and the Financial Institutions Act of 2001 were amended, while the Counter-Terrorism Act of 2007 and the Cash Courier Disclosure Act of 2007 were enacted.

Effective Criminalization of Money Laundering

These updates have effectively criminalized money laundering in Palau. The country’s efforts aim to:

• Prevent the misuse of its financial system
• Combat terrorism financing
• Safeguard its economy
• Protect its citizens
• Maintain its reputation as a responsible international player

Palau’s commitment to preventing the misuse of its financial system and combating terrorism financing has been highlighted in the report. The country’s efforts demonstrate its dedication to maintaining a stable and secure economic environment, while also upholding its international obligations.

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