_________________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No Report available
US State Dept Trafficking in Persons Report 2011 (introduction):
No report available
US State Dept Terrorism Report 2009
No report available
Links:
Worldwide AML Legislation (International Bar Association)
US State Dept Narcotics Report 2011 (introduction):
No Report available
US State Dept Trafficking in Persons Report 2011 (introduction):
No report available
US State Dept Terrorism Report 2009
No report available
Links:
Worldwide AML Legislation (International Bar Association)
|
|
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
Niue is a self-governing democracy, operating in free association
with New Zealand. The Government of Niue (GON) relies heavily
on New Zealand to assist with external and economic affairs. Niue
is not a regional financial center and has no free trade zones.
The country has experienced a significant decline in population,
largely from the emigration of its population to New Zealand.
Job opportunities in the formal sector generally are limited to
government service or small industry. Niue sought to increase
revenue by expanding its financial services sector, including
offshore banking. This move resulted in significant money
laundering and terrorist financing vulnerabilities, and the GON
eliminated offshore banking in 2002.
Niue has in recent years tightened its legislation and formed a
financial intelligence unit (FIU) to comply with international
standards against money laundering and terrorist financing.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: Not available
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: Not available
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: Not available
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Financial institutions; safe deposit box, trust and
company service providers, and individual funds trustees;
insurers and insurance intermediaries; securities dealers, futures
brokers, money exchangers and remitters; issuers, sellers, or
redeemers of travelers checks, money orders, or similar
instruments; payroll and payroll funds delivery businesses;
dealers in precious metals and stones; real estate agents;
casinos and gambling houses (including internet gaming);
lawyers, notaries, and accountants engaged in real estate, client
financial management, and the creation, operation and
management of companies; and legal persons and arrangements
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Financial institutions; safe deposit box, trust and
company service providers, and individual funds trustees;
insurers and insurance intermediaries; securities dealers, futures
brokers, money exchangers and remitters; issuers, sellers, or
redeemers of travelers checks, money orders, or similar
instruments; payroll and payroll funds delivery businesses;
dealers in precious metals and stones; real estate agents;
casinos and gambling houses (including internet gaming);
lawyers, notaries, and accountants engaged in real estate, client
financial management, and the creation, operation and
management of companies; and legal persons and arrangements
Number of STRs received and time frame: Not available
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Not available
Convictions: Not available
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: NO
With other governments/jurisdictions: YES
Niue is a member of the Asia/Pacific Group on Money Laundering
(APG), a Financial Action Task Force (FATF)-style regional body.
A copy of its most recent evaluation is not currently available. A
new evaluation is scheduled for fourth quarter 2011.
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Niue Financial Intelligence Unit has been active since 2006
and is exchanging financial intelligence related to money
laundering and financing of terrorism with the New Zealand FIU.
The Niue Crown Law office reports it has received a small number
of cash transaction reports. However, it is not apparent that any
prosecutions or asset seizures have occurred under its anti-
money laundering/counter-terrorist financing (AML/CFT)
legislation.
Niue is not a member of the United Nations. Niue generally
complies with international AML/CFT standards, and AML/CFT
legislation includes the 2004 United Nations Sanctions
Regulations (Terrorism Suppression and Afghanistan Measures).
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
Niue is a self-governing democracy, operating in free association
with New Zealand. The Government of Niue (GON) relies heavily
on New Zealand to assist with external and economic affairs. Niue
is not a regional financial center and has no free trade zones.
The country has experienced a significant decline in population,
largely from the emigration of its population to New Zealand.
Job opportunities in the formal sector generally are limited to
government service or small industry. Niue sought to increase
revenue by expanding its financial services sector, including
offshore banking. This move resulted in significant money
laundering and terrorist financing vulnerabilities, and the GON
eliminated offshore banking in 2002.
Niue has in recent years tightened its legislation and formed a
financial intelligence unit (FIU) to comply with international
standards against money laundering and terrorist financing.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: Not available
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: Not available
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: Not available
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Financial institutions; safe deposit box, trust and
company service providers, and individual funds trustees;
insurers and insurance intermediaries; securities dealers, futures
brokers, money exchangers and remitters; issuers, sellers, or
redeemers of travelers checks, money orders, or similar
instruments; payroll and payroll funds delivery businesses;
dealers in precious metals and stones; real estate agents;
casinos and gambling houses (including internet gaming);
lawyers, notaries, and accountants engaged in real estate, client
financial management, and the creation, operation and
management of companies; and legal persons and arrangements
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Financial institutions; safe deposit box, trust and
company service providers, and individual funds trustees;
insurers and insurance intermediaries; securities dealers, futures
brokers, money exchangers and remitters; issuers, sellers, or
redeemers of travelers checks, money orders, or similar
instruments; payroll and payroll funds delivery businesses;
dealers in precious metals and stones; real estate agents;
casinos and gambling houses (including internet gaming);
lawyers, notaries, and accountants engaged in real estate, client
financial management, and the creation, operation and
management of companies; and legal persons and arrangements
Number of STRs received and time frame: Not available
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Not available
Convictions: Not available
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: NO
With other governments/jurisdictions: YES
Niue is a member of the Asia/Pacific Group on Money Laundering
(APG), a Financial Action Task Force (FATF)-style regional body.
A copy of its most recent evaluation is not currently available. A
new evaluation is scheduled for fourth quarter 2011.
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Niue Financial Intelligence Unit has been active since 2006
and is exchanging financial intelligence related to money
laundering and financing of terrorism with the New Zealand FIU.
The Niue Crown Law office reports it has received a small number
of cash transaction reports. However, it is not apparent that any
prosecutions or asset seizures have occurred under its anti-
money laundering/counter-terrorist financing (AML/CFT)
legislation.
Niue is not a member of the United Nations. Niue generally
complies with international AML/CFT standards, and AML/CFT
legislation includes the 2004 United Nations Sanctions
Regulations (Terrorism Suppression and Afghanistan Measures).
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
| NIUE |
| KnowYourCountry |
|
|
| Last Updated: 16 April 2012 |