FATF takes action against money laundering in Nauru

The Financial Action Task Force (FATF) has imposed anti-money laundering measures on Nauru, a small country in the South Pacific, following its failure to make changes to its banking laws. Nauru, the Philippines and Russia were given a 30 November deadline to make legislative amendments. Russia and the Philippines took action but are still on the FATF list of countries under investigation. Nauru enacted the Anti-Money Laundering Act on 28 August 2001, but according to Helen Fisher, a spokeswoman for the Organisation for Economic Co-operation and Development (OECD), sufficient measures w...