Editing Economy of Nauru (section)

==Tax haven status==
Historically Nauru was regarded as a tax haven due to the operation of its international financial centre, which offered amongst other things offshore banking services.<ref>{{cite web|url = https://www.fas.org/sgp/crs/misc/R40623.pdf|title = Tax Havens: International Tax Avoidance and Evasion|first =Jane G.|last = Gravelle |publisher = Congressional Research Service|date = 15 January 2015}}</ref>  In 2001, Nauru was blacklisted internationally over concerns it had become a haven for [[money laundering]].<ref name="ibtimes">{{cite web|url= http://www.ibtimes.com/tiny-island-nation-nauru-rebuild-its-banking-system-help-australia-1454162|title=Tiny Island Nation Of Nauru To Rebuild Its Banking System With Help From Australia|website=[[International Business Times]] |date=4 November 2013}}</ref>  Amendments made in 2004 abolished Nauru's Offshore Banking sector and, as recognised in Nauru's latest [[anti-money laundering]] and [[combating the financing of terrorism]] (AML/CFT) review, Nauru's offshore sector is now limited to a small [[offshore company]] register.<ref>{{cite web|url=http://www.apgml.org/mutual-evaluations/documents/default.aspx?s=title&pcPage=5|title=Asia / Pacific Group On Money Laundering|website=www.apgml.org}}</ref>

In July 2017 the Organisation for Economic Co-operation and Development (OECD) upgraded its rating of Nauru's standards of tax transparency. Nauru had been listed alongside fourteen other countries that had failed to show that they could comply with international tax transparency standards and regulations. The OECD subsequently put Nauru through a fast-tracked compliance process and the country was given a "largely compliant" rating.<ref>{{cite web|url=http://www.radionz.co.nz/international/pacific-news/334976/nauru-gets-an-oecd-upgrade|title=Nauru gets an OECD upgrade|date=12 July 2017}}</ref>