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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