Last month, we reported that the tiny offshore financial centre Nauru, in the South Pacific Ocean, was considering introducing measures to crack down on money laundering, finally bowing to pressure from the OECD and FATF to clean up its offshore sector or else risk sanctions. Yet such promises could do nothing to prevent the island's president, Bernard Dowiyogo, being ousted last week, his downfall linked to the republic's failure to comply with a Russian request for information on bank accounts held there.
Nauru has been accused by the US of laundering billions of dollars of Russian mafia money through its offshore banks, which number more than 400. The Russian Central Bank has also pointed an accusing finger at the island's financial institutions.
Dowiyogo was overthrown on Friday in a parliamentary vote of no confidence whilst he was in hospital in Australia. He was unable to return to Nauru for the vote in the 18-member parliament. The vote marked the third change in Nauru's government in just two years. Dowiyogo, who has been president six times, has been replaced as president by Rene Harris, who is expected to name his new cabinet this week.
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