Nauru's newly elected government, headed by President and Foreign Affairs Minister, Ludwig Scotty has 'eliminated' the jurisdiction's offshore banking sector, according to reports.
Following a meeting with the Financial Action Task Force (FATF) earlier this month, President Scotty announced that he intended to revoke all 140 of the offshore banking licences held on the island, although the national bank was exempted from this.
Speaking at the Asia Pacific Working Group's annual meeting in Tokyo recently, Chief Secretary, Willie Star confirmed that this had taken place, and that the jurisdiction was now in full compliance with the FATF's anti-money laundering recommendations, and should be removed from its 'blacklist' of non-cooperative countries and territories (NCCTs) as a result.
It is not yet clear what the new government intends to do in order to plug the revenue gap which will undoubtedly be left by the disappearance of the offshore banking sector.
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