National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism 2022-2025

Overview

The National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism 2022-2025 for the Republic of Nauru is a comprehensive plan aimed at implementing international standards to prevent money laundering and terrorist financing. The strategy incorporates recommendations from the Financial Action Task Force (FATF) to ensure that countries have effective measures in place to mitigate these risks.

Key Objectives

• Risk-based approach: Ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with identified risks.
• National cooperation and coordination: Establish national AML/CFT/CPF policies, regular review, and designate an authority or mechanism responsible for such policies.
• Financial intelligence unit (FIU): Implement effective mechanisms for policy-makers, law enforcement authorities, supervisors, and other relevant competent authorities to cooperate and exchange information domestically.

Goals and Timelines

To achieve these objectives, the National Strategy outlines specific goals and timelines for completion:

• Legislative drafting project: Complete by September 2023
• Establishment of AMLGC, AMLOC, and PPP: Establish by May-June 2023
• Risk identification: Complete by September 2023
• Enhanced border currency reporting: Implement by June 2023
• Targeted financial sanctions: Implement by September 2023

Conclusion

The National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism 2022-2025 for the Republic of Nauru aims to strengthen the country’s AML/CFT regime and prevent money laundering and terrorist financing. By implementing international standards and best practices, the strategy seeks to ensure that Nauru has effective measures in place to mitigate these risks and protect its financial system.