The Financial Action Task Force on Money Laundering (FATF) has announced that it will issue a new report updating its findings on the non-cooperative countries and territories in the international fight against money laundering.
The report will be presented, alongside the FATF's twelfth annual report, at a news conference on Friday 22 June at the Organisation for Economic Co-Operation and Development (OECD) headquarters in Paris. During the conference FATF president Mr Jose Maria Roldan, the future president Mrs Claire Lo, and Mr Patrick Moulette, FATF Executive Secretary aim to discuss the highlights of both reports and outline the work of the FATF over the past twelve months.
In 1999-2000, the FATF began the process of identifying jurisdictions with serious deficiencies in their anti-money laundering regimes and agreed on a list of 50 countries which were to be measured against an agreed criteria of 25 benchmark standards. In a report issued on 22 June 2000, 15 of the 50 countries were labelled as 'non-cooperative in the fight against money laundering'. The 'non-cooperative' jurisdictions are: The Bahamas, Cayman Islands, Cook Islands, Dominica, Israel, Lebanon, Liechtenstein, the Marshall Islands, Nauru, Niue, Panama, the Philippines, Russia, St Kitts and Nevis, and St Vincent and the Grenadines.
At the time many of the named countries complained bitterly that they were being unfairly treated, particularly as their inclusion on the FATF list was swiftly followed with the issuance of Advisory warnings, but almost all of them set to work to remedy the specific deficiencies listed in the report. No doubt representatives of all 15 nations, eager to shake off the FATF, will be waiting with bated breath to discover their fate at next week's conference.
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