Cook Islands Remain On FATF Blacklist For Now
Despite the fact that the government of the Cook Islands has presented nine
bills in parliament in a bid to combat the scourge of money laundering, the
jurisdiction remains on the FATF's (Financial Action Task Force) blacklist of money laundering hot spots, according
to the organisation's latest report. The bills, containing proposals put forward by the Anti-Money Laundering/Counter
Financing Terrorism Committee, were compiled following a technical assistance
visit from an International Monetary Fund (IMF) team earlier this year, and
include a Financial Transactions Reporting Act, which requires the reporting
of local and international money transfers to a central intelligence unit. The nine countries which remain on the blacklist have until October 1 2003- when the next review will take place- to
improve anti-money laundering legislation and regulation, the FATF revealed recently. Those nations that remain on the list
include Indonesia, Ukraine, the Philippines and Nauru. Meanwhile, while countries
that have recently been removed from the list include Russia, the
Marshall Islands, Grenada and St Vincent and the Grenadines. .
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