COMTEX - FinCEN has given Nauru a tick of approval for its reforms introduced in recent years, to prevent the island nation being used for money laundering purposes.
FinCEN this week withdrew two major reporting and compliance conditions, which recognises the Nauru Governments determination to close any gaps that might be exploited by prospective money laundering individuals or organisations.
Because of Naurus enactment of new laws, ongoing effective implementation, and in recognition of the actions taken by the FATF (Financial Action Task Force), enhanced scrutiny with respect to transactions involving Nauru, as called for in Advisories 21 and 21A, is no longer necessary. FinCENs published notice stated.
Naurus Minister for Justice, Mathew Batsiua, said FinCENs notice of withdrawal of the two advisories was timely, following last weeks general election, which saw the government of Marcus Stephen returned with a workable majority and a solid mandate.
Its another significant indicator that we are on track in our efforts to stabilise our financial situation and boost our economic potential in the medium to long term future, which will eventually get Nauru back to economic sustainability, Mr Batsiua said.
Mr Batsiua said the countrys resumption of phosphate mining two years ago, combined with the more recent coral rock processing and exporting operations, were now starting to take hold and would put Nauru on a much stronger footing.
http://www.amlosphere.com/america/aml/fincen-recognises-naurus-reform-achievements.html
Showing posts with label Naurus. Show all posts
Showing posts with label Naurus. Show all posts
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