It was revealed this week that France is to become one of the first FATF member countries to take action against the tiny Pacific offshore centre of Nauru.
Although the UK Treasury warned businesses and financial service providers to exercise caution when dealing with organisations based in Nauru, France has gone one step further, issuing a decree which requires French banks to report any transactions with the island over a $14,000 limit to an anti-money laundering unit.
Other Financial Action Task Force members are likely to follow suit, following a statement issued by the FATF President, Clarie Lo. Speaking after the recent plenary meeting in Hong Kong, Ms Lo gave the go-ahead for attacks on Nauru, stating the the country's new 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.
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