This is the conclusion from the FATF's progress report on non-cooperative countries and territories (NCCTs), which followed a meeting held last week in Paris.

Since the last progress report on NCCTs last October, the FATF confirms the countries have made impressive progress towards 'improving their counter-money laundering regimes, which is reflected in legislation that has been introduced into various parliamentary bodies as well as enacted legislation and regulations.'

Clearly this wasn't enough for the FATF. The organisation's president, José María Roldán, stated: 'Our goal is for countries to deal constructively with the gaps in their anti-money laundering systems. We do not want to keep them on the list any longer than necessary. Close monitoring of the remaining legislative and implementation issues will be crucial in determining an appropriate time for a jurisdiction’s removal from the NCCT list.'

In a press release issued last week, the FATF explained that it views enactment of necessary legislation and the promulgation of associated regulations as essential and fundamental first steps for jurisdictions on the list. Once this framework is in place the jurisdictions will be invited to submit proposals for implementing the changes. 'To this end,' states the FATF, it has 'further elaborated a process by which jurisdictions can be delisted at the earliest possible time.'

However, there is light at the end of the tunnel for the jurisdictions that have fulfilled most of the legislative criteria - the Bahamas, the Cayman Islands, the Cook Islands, Israel, Liechtenstein, the Marshall Islands and Panama have all been requested by the FATF to submit their implementation plans since they have enacted all necessary legislation.

The next progress meeting is scheduled to take place on 20-22 June 2001 when the FATF says it will reach a decision, with respect to counter-measures, for those jurisdictions which have not made sufficient progress.