NAURU STUNNED INTERNATIONAL FINANCIAL SANCTIONS WILL REMAIN

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YAREN, Nauru (February 6, 2002 – Radio Australia)---Nauru is considering legal action against the OECD’s international Financial Action Task Force following its decision at a meeting in Hong Kong not to lift sanctions against Nauru.

Radio Australia correspondent Sean Dorney reports that the Task Force claims legislation that the Nauru Parliament passed in December to tighten up control over its offshore banks did not go far enough in controlling money laundering.

"A frustrated Acting President of Nauru, Remy Namaduk, has accused the Financial Action Task Force of changing the goal posts and he says Nauru is considering legal action.

"The Task Force says the counter measures by its 29 member countries against Nauru will continue because the legislation passed in December does not adequately address the deficiencies in Nauru's licensing, regulation and supervision of its offshore banks.

"But Mr. Namduk says the international team of legislative lawyers who prepared Nauru's tighter laws is stunned by the decision which, he says, will impact severely on Nauru's fragile economy.

"He claims Nauru officials in Hong Kong last week were given assurances that the legislation complied with all requirements.

"He doesn't specify what form Nauru's proposed legal action might take.

"Sean Dorney, Radio Australia."

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

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