Nauru passes legislation to axe offshore banks

Nauru's parliament has passed legislation which will abolish the country's controversial offshore banks.

The laws provide for most of the existing licences to expire in 30 days, including those of Russian owned banks that are alleged to have been involved with money laundering totalling billions of dollars over the past 10 years.

Offshore banks owned by American, Australian, New Zealand and European Union member interests will be given six months to close down.

The parliament also passed additio