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 additional

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: