Financial Crime World

Palau Commits to Transparency and Corruption-Free Governance

Manila, Philippines - Public Auditor Satrunino Tewid Emphasizes Commitment to Anti-Corruption Efforts

The Republic of Palau has reaffirmed its dedication to establishing a transparent government at both national and state levels, with a focus on combating corruption and promoting sustainable development. This commitment was reiterated by Public Auditor Satrunino Tewid during the 5th Steering Group meeting of the Anti-Corruption Initiative in Manila.

Institutional Framework Prioritizes Economic Development and Environmental Conservation

Palau has been working diligently to establish an institutional framework that prioritizes economic development, infrastructure investment, environmental conservation, and support for key sectors of the economy. The country believes that minimizing corruption is crucial to achieving these goals.

Laws Enacted to Ensure Transparency in Government Transactions

To achieve transparency, Palau has enacted several laws aimed at ensuring transparency in government transactions:

  • Public Auditing Act: Mandates audits of all agencies and activities, including National Treasury transactions
  • Special Prosecutor Act: Established an office responsible for investigating and prosecuting corruption cases
  • Code of Ethics: Regulates transactions by public officials and employees

Measures Implemented to Prevent Money Laundering and Proceeds of Crime

Palau has also implemented measures to prevent money laundering and proceeds of crime:

  • Money Laundering and Proceeds of Crime Act (2001): Combats international criminal activity and potential corruption at the local level
  • Stringent bank reporting standards: Severe criminal penalties for infractions

International Recognition and Assistance

Palau’s efforts have been recognized by the Asian Development Bank (ADB) and the Organisation for Economic Co-operation and Development (OECD), which have provided assistance to establish local capacity and institutional integrity.

Endorsement of Action Plan and Commitment to Continuing Efforts

Palau has endorsed the Action Plan for the Anti-Corruption Initiative for Asia and the Pacific, expressing gratitude for the support received from the ADB and OECD. The country is committed to continuing its efforts to fine-tune its governmental response to corruption, with a focus on establishing a transparent and accountable government that serves the people of Palau.