Thomas Bayer, Chairman of the Vanuatu Financial Services Commission, said: "In-depth inspections of all Vanuatu exempted banks with Russian connections will shortly commence, with the assistance of the British Government." Britain's Deputy High Commissioner confirmed that the UK would pay for a visit by an international banking inspector.
In Nauru, President Rene Harris announced that the US Government would send a technical banking team to the island after April elections to study the jurisdiction's procedures and defences against money-laundering. "Nauru will not countenance criminal activities in its financial system", said the President.
Both jurisdictions had been named as conduits for Russian criminal money, along with Western Samoa, by the US State Department's Bureau of International Narcotics and Law Enforcement Affairs, and by the OECD's Financial Action Task Force.
Russian Central Bank Deputy Governor, Viktor Melnikov, who last Octoberwas reported as saying that $70bn had been transferred to Nauru from Russian banks, said last week that capital outflows from Russia had recently fallen to as low as $1bn a month.
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