Money laundering list gets longer

OECD Observer
Page 6 

Four jurisdictions have been taken off the Financial Action Task Force (FATF) list of non-cooperative countries and territories, but eight more have been added, for a total of 19 jurisdictions worldwide considered not to be helping with the international fight against money laundering.

The four identified last year as non-cooperative that have been taken off the list are Bahamas, Caymans, Liechtenstein and Panama. Russia and Nauru remain on the non-cooperative list, but an FATF meeting in Paris in early September lifted a call for members to take counter-measures against them after both passed anti-money laundering legislation. However, “the Philippines has still not enacted long-awaited and necessary legal reforms,” the FATF said, urging members to take additional counter-measures if it did not do so by the end of September.

The FATF, a 29-member independent international body whose secretariat is housed at the OECD, has also added eight new countries to the non-cooperative list following a new round of reviews – Egypt, Guatemala, Grenada, Hungary, Indonesia, Myanmar, Nigeria and Ukraine. The FATF asks member countries to ask their financial institutions to give special attention to businesses and transactions involving the countries or territories on the list.

©OECD Observer No 228, September 2001

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