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.