UK Treasury Takes Action Against Nauru
Despite the protestation
of the tiny island's Chief Secretary, Matthew Batsiua, earlier this month that
emergency amendments to anti-money laundering laws had been made in line with
FATF recommendations, the UK Treasury announced on Monday that countermeasures
have begun against the offshore financial centre. 'HM Treasury has fully supported
the work of the FATF in assessing the recent legislation passed by the Nauruan
authorities in 28 August 2001, and concurs with the FATF's assessment that the
legislation leaves money laundering risks unaddressed,' it announced. Accordingly, the Treasury
department has warned UK citizens and businesses to exercise caution when dealing
with organisations based in Nauru, and to be aware that 'there is a significant
risk that any transaction with Nauru may involve money laundering'. In a year in which most
countries have been desperate to be seen to be cleaning up their financial acts,
this announcement will come as a huge blow to the tiny island republic, which
is home to around 400 banks. .
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