Palau is targeting high net worth individuals to support potential investment on the island through the new Private Banking law.

President Surangel Whipps Jr. said the new law would “allow  Palau to join a growing industry where depositors are able to manage their assets securely.

RPPL No.11-19 authorizes private banking, wealth management services, and large-scale capital development by creating the Palau Private Bank and Trust.  

 Under the law, the national bank will offer services to citizens and non-citizens, provide concierge services, and operate as a fully capitalized bank.

The president said Palau is a prime location in the Asia-Pacific region, and will benefit from the creation of a national private bank.

The bank will be subjected to the authority of the Financial Institution Commission ( FIC). 

The president also said that the new law ensures that the bank would adhere to the anti-money laundering law. (Island Times)

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