Financial Action Task Force on Money Laundering
In the 1990s, Nauru became a tax haven and offered passports to foreign nationals for a fee. The inter-governmental Financial Action Task Force on Money Laundering (FATF) identified Nauru as one of 15 "non-cooperative" countries in its fight against money laundering. During the 1990s, it was possible to establish a licensed bank in Nauru for only US$25,000 with no other requirements. Under pressure from FATF, Nauru introduced anti-avoidance legislation in 2003, after which foreign hot money left the country. In October 2005, after satisfactory results from the legislation and its enforcement, FATF lifted the non-cooperative designation.