The Government of the Republic of Nauru

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Financial Intelligence Unit

 
  • Completed Training and Technical Assistance            (TA&A) virtually. This training is an annual event            of Asia Pacific Group on Money  Laundering and            Nauru attended. Taken steps to prepare the Re     public for its second Mutual Evaluation in 2022.
  • Taken steps to be in partnership and becoming a member of the EGMONT Group.
  • NFIU is liaising with other NFIUs for bilateral agreements such as NZ and Taiwan NFIU for exchange of information.
  • In 2012 Nauru NFIU went through its first Mutual Evaluation process and the Republic was confirmed to be low risk jurisdiction for Money laundering.
  • NFIU is working closely with Nauru Police Force and the Nauru Revenue Office for law enforcement requests for financial checks and additional information. 
  • The Financial Investigation training was provided under the Asia Pacific Group On Money Laundering Technical Assistance and Training Program. Republic of Nauru is a member of the APG and hence qualified for technical assistance. The training was fully virtual over 4 days and a pilot one with Nauru being the first to receive this training. The training was delivered by a consultant hired by APG and was the first multi-law enforcement training to develop capacity for Nauru LEA's. Officers from the Nauru Police Force, Nauru Customs, Nauru Revenue Office and the DJBC participated in this training. The virtual delivery was very successful, with the Nauru FIU coordinating the training which was hosted at the Nauru Police College. The NFIU and the APG were thankful to the Nauru Police Force for offering the facilities. 
  • The APG Technical Assistance and Training Program is an annual event funded by Donor Agencies. We expect more specialised training similar to the Financial Investigations Training in order to enhance the capabilities of our Law Enforcement Agencies as well as working in collaboration.

 

 

Our Team

 

Position Name
Supervisor Financial Intelligence Unit Rajas Swamy
Assistant Supervisor Financial Intelligence Unit Rogous Aingimea
Financial Intelligence Unit Officer Vacant

 

 

Objectives

 

  • Supervise financial institutions in accordance with anti-money laundering laws
  • Analyse reports of suspicious activities in relation to money laundering and terrorism.

 

 

Motivation

 

Without financial control there is money laundering.

 

 

Strategic Plan Priority Area 1 & 4: Economic Sectors

 

Cross-Goal 2

Strengthen Parliament, audit, justice, law, order and border control.

 

Econ-Goal 7

An effective, competitive and stable financial system that will enhance economic growth and development.

 

 

Achievements

 

Bilateral Cooperation with AUSTRAC

 

The new NFIU Supervisor commenced duties in June 2020 and started liaison with AUSTRAC on the possibility of sharing information including suspicious matter reports raised by Bendigo Bank Agency of Nauru. In August 2020 the Nauru NFIU successfully signed a letter of Bilateral Cooperation with AUSTRAC. This was historic itself since there was no other bilateral agreements in place and this was the first.

 

Currently the NFIU is liaising with other NFIU's for bilateral agreements for information exchange:

 

(a) NZ NFIU; and

(b) Taiwan NFIU.

 

Suspicious Transactions

 

Under the bilateral arrangement, AUSTRAC has submitted a total of 140 Suspicious Matter Reports (SMR's) to date. The NFIU team is currently looking into these SMR's and requested further information from Bendigo Bank through AUSTRAC

 

Law Enforcement Requests

 

The NFIU received the following requests for financial checks and additional information:

 

The NFIU has been working closely with the Nauru Police Force (NPF) and the Nauru Revenue Office (NRO). NFIU holds MOU with both the agencies for exchange of information hence works in collaboration.

 

 

Way Forward

 

  • The main priority for the NFIU is to ensure that preparations are well coordinated for the Mutual Evaluation in 2022-2023. NFIU will continue to liaise with APG and domestic stakeholders to ensure a successful Mutual Evaluation. The NFIU will work towards the NFIU becoming a member of the EGMONT Group and work towards this has commenced.
  • The NFIU will work with key stakeholders in developing domestic AML (anti money laundering) policies within their respective organisations. Also the NFIU will issue respective guidelines to financial institutions and sectors that fall within the definition of a financial institution under AML Act 2008.
  • The NFIU will embark on an awareness program for all stakeholders. This is to ensure that each stakeholder understands the AML/TF (anti money laundering / terrorist financing) framework of the Republic, the consequences of ML/TF (money laundering / terrorist financing) offences and the negative effect it can have on governments and societies.
  • Just like EGMONT, there is a project currently undertaken by AUSTRAC and APG for the formation of the Pacific FIU Group.
  • It is imperative that the NFIU strengthens its stakeholder engagement and establish a strong networking environment both domestically and internationally. We must create a culture of collaboration in combating transnational organised crime which has no borders.