Following the conclusion last week of the first joint plenary meeting of the Financial Action Task Force and the Asia/Pacific Group on Money Laundering (APG) in Singapore, the FATF revealed that Myanmar, Nauru and Nigeria remain on the organisation's 'blacklist' of countries considered vulnerable to money laundering and terrorist financing activity.
In a statement released on Friday, the multilateral body announced that:
"The FATF has published the annual review of Non-Cooperative Countries and Territories (NCCTs) exercise; this report also includes a review of the NCCTs process and its success in encouraging AML reforms around the globe."
It continued: "The FATF welcomed progress by the countries on the NCCT list: Myanmar, Nauru, and Nigeria and encouraged them to continue implementing their reforms so that they may be removed from the list in the near future."
"In the meantime, the FATF continues to use the NCCT process to call on financial institutions to scrutinise transactions with persons, businesses, or banks in listed countries, as per FATF Recommendation 21."
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