At the three day Brisbane-based meeting, which ended today, pressure was increased on the island haven to improve transparency within its offshore banking sector in order to reduce vulnerability to money laundering practices.

Speaking to ABC Radio on Thursday, APG's Money Laundering Secretariat head, Rick McDonnell admitted that: 'Until Nauru has a full and comprehensive law in place and other anti-money laundering standards and measures...it will be a vulnerable place for money laundering and it will be attractive to money launderers.'

Nauru remains on the Financial Action Task Force's list of countries considered uncooperative in the fight against money laundering, alongside other Asia-Pacific territories such as Vanuatu and the Marshall Islands.

At the multilateral body's last plenary meeting in February, President Clarie Lo all but declared open season on Nauru, arguing that the country's newly introduced anti-money laundering laws did not go far enough towards addressing the deficiencies in the licensing, regulation, and supervision of the offshore banking sector identified by the FATF.

Despite the seeming condemnation of the tiny offshore jurisdiction at the meeting hosted by the Australian government this week, the authorities have, in the past, urged clemency in the treatment of the smaller Asia-Pacific nations accused of being 'uncooperative'. Speaking in March, Foreign Minister, Alexander Downer argued that developing economies face 'special challenges'.