FATF To Soften Approach On 'Naming and Shaming'
The Financial Action Task Force (FATF) is set to put its 'blacklist' of countries
deemed uncooperative in the fight against money laundering on hold for at least
one year, according to a recent Financial Times report. The newspaper revealed late last week that as part of an initiative towards
greater co-operation with the IMF and the World Bank in a co-ordinated anti-money
laundering campaign, the FATF is to refrain from 'naming and shaming' any new
countries this year. Speaking to the FT, Eduardo Aninat, deputy managing director of the IMF revealed
that the blacklist will be 'superseded' by 'a universal, co-operative approach'.
The countries which are still deemed to be 'unco-operative' by the FATF (which,
as of the June 2002 review included: the Cook Islands, Dominica, Egypt, Grenada,
Guatemala, Indonesia, the Marshall Islands, Myanmar, Nauru, Nigeria, Niue, the
Philippines, Russia, St Vincent and the Grenadines, and Ukraine) are doubtless
hoping that they will be removed from the blacklist before it is superseded. A comprehensive report on the future of offshore following the various international initiatives, including the FATF's anti-money laundering drive is available in the Tax-News Reports Shop at http://www.tax-news.com/reportshop/
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