nr Nauru

New Documents

OECD: Bahrain, Other Jurisdictions Agree to International Tax Exchange Standard

The Organisation for Economic Co-operation and Development issued a press release announcing that Bahrain, Lebanon, Nauru, Panama and Vanuatu committed to the standard for the international automatic exchange of tax information.

May 11, 2016

APG: Mutual Evaluation Reports of Three Countries Have Been Adopted

The Asia/Pacific Group on Money Laundering held its 15th annual meeting between July 16 and July 20. During the meeting, the group adopted mutual evaluation reports of Timor Leste, Nauru and Niue and a new strategic plan for 2012-2016.

July 27, 2012

APG: Nauru Has Ineffective FIU

July 18, 2012

Nauru Releases Consolidated Version of Law Against Transnational Organized Crime

May 16, 2011

Nauru Revises Counterterrorism, Organized Crime Act

November 18, 2010

News

Nauru off the FATF blacklist

The Financial Action Task Force removed Nauru from its list of non-cooperative countries and territories (NCCTs) Thursday at its plenary meeting in Paris.

October 13, 2005

U.S. Treasury invokes powerful new weapon, warns of coming rule prohibiting correspondent accounts with Nauru banks

The U.S. Treasury issued a notice of proposed rulemaking requiring all U.S. financial institutions to terminate correspondent accounts with banks from Nauru.

April 16, 2003

American Bankers Association objects to compliance burdens under Treasury’s “special measures” against Ukraine, Nauru

January 22, 2003

FATF imposes “counter-measures” on laundering haven, Nauru

December 13, 2001

Enforcement Actions

0 Items Found

Key Documents

Nauru Releases Anti-Money Laundering Act 2008

November 26, 2008

Nauru Releases Consolidated Version of Law Against Transnational Organized Crime

May 16, 2011

Nauru Enacts Proceeds of Crime Act 2004

November 3, 2004

Important Facts

  • The U.S. State Department lists Nauru as a monitored jurisdiction. The jurisdiction, with a population of approximately 9,400, is an independent republic but uses Australian currency. Currently, the only financial institutions offering financial services are the Bendigo Bank, which opened an agency in June 2015, and Western Union, which provides wire transfer services. The economy is entirely cash-based and reliant on formal and informal remittances. The jurisdiction's narrow economic base, lack of financial institutions, strict land tenure and associated restrictions on foreign investment discourage the introduction of criminal proceeds into the formal economy. Nauru has a relatively small offshore company registry with 59 operating corporations. While offshore companies and trusts represent a concern, the risks are relatively low due to the very low rate of company and trust formation. Overall, Nauru is a low crime jurisdiction.
  • KYC Covered Entities: Banks and money remitters; securities and investment businesses; insurance firms; dealers in art and precious metals and stones; trust or company service providers; real estate agents and brokers; casinos and lotteries; legal practitioners and accountants; payroll services using cash; and alternative remittance providers
  • STR Covered Entities: Banks and money remitters; securities and investment businesses; insurance firms; dealers in art and precious metals and stones; trust or company service providers; real estate agents and brokers; casinos and lotteries; legal practitioners and accountants; payroll services using cash; and alternative remittance providers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2014); Convictions: 0 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 4 High :
Largely Compliant : 11 Substantial :
Partially Compliant : 26 Moderate :
Non-Compliant : 6 Low :
Not-Applicable : 2

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 131/133
Score : 60/100