Nauru to introduce new money laundering laws

Nauru said yesterday that it would bring in new laws to clamp down on money laundering before a September 30 deadline set by an international task force.

Nauru was given an ultimatum last week alongside Russia and the Philippines by the Financial Action Task Force, a Paris-based anti-money laundering agency.

The United States Treasury says $US70 billion ($171.23 billion) left Russia in 1998 alone for offshore accounts in Nauru.

The chief secretary to the Government of Nauru, Mathew Batsiua, said that once passed, the new laws would be "among the strongest in the region."