Nauru passes law to close offshore banks

The Nauru Parliament on Thursday 26 February passed an anti-money laundering act and new banking laws. The legislation will allow it to close down its controversial offshore banks following pressure from the United States.

Nauru has come under great pressure from the United States to shut down the sector which Washington claimed could be used to fund terrorism.

Nauru, with a land area of 24 square kilometers and a population of 12,000, is reported to have registered hundreds of offshore banks