§ Matthew TaylorTo ask the Chancellor of the Exchequer what counter measures the United Kingdom Government have taken in respect of the Financial Action Task Force recommendations concerning Nauru; and if he will make a statement. [65106]
§ Ruth KellyThe UK has implemented all the FATF counter measures against Nauru, through guidance issued by the Joint Money Laundering Steering Group.
UK financial institutions conduct enhanced scrutiny of business dealings with financial institutions from all countries on the FATF's Non Co-operative Countries and Territories list. In the case of Nauru, UK financial institutions would treat business dealings with even greater caution and would be more likely to make a Suspicious Transaction Report to the National Criminal Intelligence Service.