As expected, the Niue Legislative Assembly has repealed laws which covered the issuing of banking licenses, paving the way for the Pacific island jurisdiction to be removed from the FATF's blacklist of jurisdictions which are said to be unco-operative in the fight against money-laundering. Niue was removed form the OECD's blacklist in April after signing a 'commitment' letter to the organisation.
Prior to elections in April, the outgoing government under Premier Sani Lakatana had stated that the offshore banking laws would go before parliament on March 7 to be repealed, in a bid to secure removal from the FATF blacklist, but the process was halted after a current bank license holder threat to sue the Government. Niue's Solicitor General, Togia Sioneholo said: 'We have some concerns with respect to some of the licences, and we have had to ensure that we don't place ourselves in a position where licence holders may bring actions against us.'
New Premier Young Vivian, elected in April, said that his top priorities were good governance, transparency and accountability. Niue now expects to receive substantial sums in promised overseas aid.
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