FATF Announces Sanctions Against Nauru

On December 5, 2001, the Financial Action Task Force on Money Laundering announced it would take actions in the way of sanctions against Nauru, a Pacific island sovereign country, for its continued ?non-cooperation with international anti-money laundering standards?. On November 29, Nauru announced to its anti-money laundering legislation. Nauru is the host of the significant amount of Russian money. The showdown between FATF and Nauru is one of many confrontations between FATF and the so called non-cooperative countries and may foreshadow more disputes between intergovernmental organizations and small countries, such as between the Organization of Economic Cooperation and Development and the targeted countries in connection with the harmful tax practices initiative.