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NAURU: Strengthening Financial Crime Reporting Procedures to Combat Money Laundering and Terrorism Financing

The Republic of Nauru has taken significant steps to enhance its financial crime reporting procedures, as part of its efforts to combat money laundering and terrorism financing. The country’s Financial Intelligence Unit (FIU) plays a crucial role in this endeavor.

Standard Operating Procedures

As part of its mandate, the FIU has developed standard operating procedures to ensure effective implementation of anti-money laundering and combating the financing of terrorism measures. These procedures cover a range of areas, including:

  • Parallel financial investigations
  • Proceeds of crime reporting
  • Targeted financial sanctions

Legislative Framework

In preparation for Nauru’s Mutual Evaluation (ME) by the Financial Action Task Force (FATF), the FIU worked closely with the Office of the Legislative Drafter to draft new laws and amend existing ones. The Asia Pacific Group on Money Laundering also provided technical assistance to ensure that Nauru’s legislation meets international standards.

Guidelines, Circulars, and Forms

The FIU has developed various guidelines, circulars, and forms to support its operations, including:

  • Anti-Money Laundering and Targeted Financial Sanctions (Parallel Financial Investigation) Regulations 2024
  • Suspicious Activity Report Form
  • Cash Border Regulation Framework Guide

National Strategy

Nauru has established a National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism, which outlines the country’s approach to tackling these threats. The strategy is supported by various initiatives, including:

  • Development of guidelines for beneficial ownership reporting
  • Customer due diligence
  • Targeted financial sanctions

FIU Operations

The FIU is located within the Department of Justice and Border Control and is responsible for performing its functions under the Anti-Money Laundering and Targeted Financial Sanctions Act 2023. The unit’s activities are guided by a range of regulations, including:

  • Proceeds of Crime Act 2004
  • Trusts (Trustee Duties) Regulations 2023
  • Counter Terrorism and Transnational Organised Crime (Amendment of the Schedule) Regulations 2023

International Recognition

Nauru’s efforts to strengthen its financial crime reporting procedures have been recognized by the international community. The country has made significant progress in implementing anti-money laundering and combating the financing of terrorism measures, and is working towards achieving compliance with FATF standards.

Contact Information

  • Financial Intelligence Unit
    • Department of Justice and Border Control
    • Ground Floor
    • Government Building
    • Yaren District
    • Republic of Nauru