KOROR (Palau Horizon) —Four representatives of the International Monetary Fund are in the country for a three-week visit to review Palau’s existing banking laws.
The IMF delegates will meet with local banks as well as with the national government regarding the newly enacted banking laws.
The IMF has been sending representatives to Palau to regularly assess local banking laws.
Last year, President Tommy Remengesau signed five banking bills into law. The new statutes were enacted to protect the country from money-laundering activities.
The banking laws generated positive responses both from the Financial Action Task Force and the IMF. Palau also regained the confidence of the international community.
In 1999, Bank of New York and Deutsche Bank alleged that Palau was a haven for money launderers.
