Jennifer Ford, Project Officer of the APG said the workshop is to assist Palau in complying with the internationally accepted anti-money laundering and counter-terrorist financing standards.
Ford added that APG assist member countries in the enactment of laws to deal with the proceeds of crime, mutual legal assistance, confiscation, forfeiture and extradition.The workshop brought together law enforcement officers, government prosecutors, members of the Financial Institution Commission (FIC), tax officers and immigration officers among others. Ford said the strategic plan will contain implementation of recommendation contained in the International Monetary Fund (IMF) assessment report of Palau’s money laundering legislation.The APG also provides its member jurisdictions technical assistance in enforcing the money laundering laws. Ford said an assessment in conducted on every jurisdictions, Palau is one of APG’s 39 members and these member nations all undergo auditing.Palau has put in place a legislation to combat money laundering and financing of terrorism.Palau has not yet ratified the UN Vienna Convention 1988 but has enacted a comprehensive money laundering and proceeds of crime law which requires the reporting of suspicious transactions. Palau has established a Financial Intelligence Unit.
