The head of the secretariat for the Asia Pacific Group on money laundering, says Nauru needs continued assistance to crack down on money laundering.
Rick McDonnell says he expects that by next year Nauru will be taken off an international blacklist for money laundering compiled by the Financial Action Taskforce in Paris.
Mr McDonnell says he sympathises with Nauru's original intentions to get into the offshore financing business, given its problems as a small country with a limited revenue base.
He says Nauru has made a lot of recent progress in passing satisfactory legislation and putting in place, because of the listing, increased supervision of its off-shorebanking centre.
"I would hope that Nauru, where neccessary with assistance from its friends in the Pacific, will be able to put in place a satisfactory supervisory regime"
and be de-listed as quikly as possible. I think there'll be some onus on donors like Australia and New Zealand who are giving assistance to continue to do that.
Rick McDonnell of the APG
