The Financial Action Task Force (FATF) on Friday announced the removal of four countries from its list of territories considered uncooperative in the fight against money laundering and terrorist financing.
Following the release of the multilateral body's thirteenth annual report, it was announced that Hungary, Israel, Lebanon, and St Kitts and Nevis had enacted sufficient legislative changes to secure removal from the 'blacklist'.
Fifteen NCCTs (non-cooperative countries and territories) remain on the list, however. The FATF announced last week that these were: the Cook Islands, Dominica, Egypt, Grenada, Guatemala, Indonesia, Marshall Islands, Myanmar, Nauru, Nigeria, Niue, Philippines, Russia, St Vincent and the Grenadines, and Ukraine.
However, of these fifteen, the FATF revealed that Grenada, Niue, Russia, and St Vincent and the Grenadines have enacted nearly all of the legislation needed to remedy previously identified deficiencies and vulnerabilities, and invited the four territories to submit implementation plans in order to enable the FATF to evaluate the new rules in action.
The multilateral body announced on Friday that it has 'decided to recommend the application of additional countermeasures (including the possibility of enhanced surveillance and reporting of financial transactions and other relevant actions) as of 31 October 2002 with respect to Nigeria' if the country's government continues to ignore the FATF's calls.
Countermeasures against the tiny offshore jurisdiction of Nauru, approved by FATF President Clarie Lo earlier this year will continue until the island's authorities abolish shell banks, or banks which have no physical presence in Nauru.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment