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UK Treasury Takes Action Against Nauru

by Amanda Banks, Tax-News.com, London

19 December 2001


Despite the protestation of the tiny island's Chief Secretary, Matthew Batsiua, earlier this month that emergency amendments to anti-money laundering laws had been made in line with FATF recommendations, the UK Treasury announced on Monday that countermeasures have begun against the offshore financial centre.

'HM Treasury has fully supported the work of the FATF in assessing the recent legislation passed by the Nauruan authorities in 28 August 2001, and concurs with the FATF's assessment that the legislation leaves money laundering risks unaddressed,' it announced.

Accordingly, the Treasury department has warned UK citizens and businesses to exercise caution when dealing with organisations based in Nauru, and to be aware that 'there is a significant risk that any transaction with Nauru may involve money laundering'.

In a year in which most countries have been desperate to be seen to be cleaning up their financial acts, this announcement will come as a huge blow to the tiny island republic, which is home to around 400 banks.


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