The FATF the List of Non-cooperative Countries and Territories

The Financial Action Task Force on money-laundering (FATF) has announced the results of its discussions on ‘non-cooperative’ jurisdictions since the publication of its second report on non-cooperative countries and territories (NCCTs) in June 2001.
First, the FATF reviewed the status of legislative efforts by the Governments of Russia, Nauru and the Philippines, which had been notified in June that failure to enact significant anti money-laundering legislation by 30 September 2001 would result in the imposition of counter-measures by FATF members. In summary:

    • Russia enacted significant legislation over the summer so the FATF will withdraw its call for members to initiate additional counter-measures with respect to this jurisdiction, though it remains on the NCCTs list 
    • Nauru enacted an anti money-laundering Act on 28 August 2001. However, this new legislation is found to have several deficiencies and does not address the major money-laundering problem in Nauru 
    • The Philippines has still not enacted long-awaited and necessary legal reforms. Accordingly, the FATF renewed its call to its members to implement additional counter-measures.

Having completed the review of several jurisdictions, the FATF added two countries – Grenada and the Ukraine – to its NCCTs list because each of these two countries was found to have serious deficiencies in its anti money-laundering regime. 

While some countries identified as non-cooperative have begun to take action to change laws and regulations, the FATF is not yet satisfied that any country on the list has both enacted and implemented all the necessary reforms. No country is therefore removed from the list of NCCTs. The updated list of NCCTs is as follows: Cook Islands; Dominica; Egypt; Guatemala; Grenada; Hungary; Indonesia; Israel; Lebanon; Marshall Islands; Myanmar; Nauru; Nigeria; Niue; Philippines; Russia; St. Kitts and Nevis; St. Vincent and the Grenadines and Ukraine. The FATF calls on its members to request their financial institutions to give special attention to businesses and transactions with persons, including companies and financial institutions, in these countries or territories. 

See for the original document: NCCT2001_en

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