US Pressure Forces Nauru To End Offshore Banking

freedom       2003-03-04 
Nauru's new President, Bernard Dowiyogo, who controversially wrested power from Rene Harris earlier this year, has agreed not to renew offshore banking licenses or issue any more 'investor passports' following intense pressure from the United States, according to reports.
The Sydney Morning Herald revealed this week that following the discovery that several members of a group considered by the US authorities to be a terrorist organisation held Nauru investor passports, the US authorities stepped up the pressure on the tiny jurisiction, warning of the imposition of 'retaliatory measures' if it did not comply with requests to dismantle its offshore banking regime.
President Dowiyogo's executive order also provides for the establishment of an anti-money laundering task force, contains provisions to facilitate the exchange of information with other countries, and pledges to: 'Fully investigate and commence legal actions arising from any illegal activities that have previously occurred involving the Republic of Nauru banks, corporations and passports,' according to the SMH.