The Financial Action Task Force on (FATF) Money Laundering has announced that it will hold a meeting in Paris to discuss its latest report on current money laundering methods and the countries it considers as non-cooperative in the fight against money laundering. The meeting is scheduled to take place between 31 January and 2 February inclusive.
During the talks, Mr. José Mariá Roldán, President of the FATF and Director General of the Bank of Spain, Mr. Lars Oftedal Broch, Supreme Court judge in Norway and Mr. Patrick Moulette, Executive Secretary of the FATF, will hold a news conference. The conference will take place at 4 p.m. on Thursday 1 February 2001 at OECD Headquarters to present the FATF's latest report on international methods of money laundering.
The report is expected to detail current trends and emerging threats from money laundering activities such as on-line banking and internet casinos, and the use of trusts and other non-corporate vehicles to launder money; lawyers, notaries, accountants and other professionals; the role of cash vs. other payment methods in money laundering schemes; and terrorist-related money laundering.
In April 1999, the Financial Stability Forum (FSF) asked a working group to consider the implications of offshore financial centres (OFCs) for global financial stability and to make recommendations for addressing any concerns identified. The Working Group on Offshore Financial Centres chose 37 jurisdictions to study, completing its work in March last year. Its report was endorsed by the FSF on 26 March 2000 and publicly released on 5 April.
The report categorised 37 jurisdictions into three groups, saying that some constituted 'weak links in an increasingly integrated international financial system and hinder broader efforts to raise standards of soundness and transparency in the global financial system.' with the worst offenders being: Anguilla, Antigua, Aruba, Bahamas, Belize, British Virgin Islands, Cayman Islands, Cook Islands, Costa Rica, Cyprus, Lebanon, Liechtenstein, Marshall Islands, Mauritius, Nauru, Netherlands Antilles, Niue, Panama, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Samoa, Seychelles, Turks and Caicos and Vanuatu.
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