Nauru's offshore banking sector 'eliminated'

PT       2003-06-16 
The Nauru Government has reportedly told members of the Asia Pacific Working Group that it no longer has ties with offshore banking.
Nauru Chief Secretary, Willie Star told delegates at the group's annual meeting in Tokyo that Nauru has revoked all 140 banking licenses except for its national bank.
Mr Star told the group Nauru's offshore banking sector has been eliminated.
He said Nauru is now in full compliance with recommendations by the Financial Action Task Force on Money Laundering, an intergovernmental group targeting money laundering and world terrorism.
Nauru was put on the list of 'non-cooperative countries' three years ago and is hoping to have the censure removed.