The 29-member Financial Action Task Force (FATF) announced on Friday that it has removed Grenada from its list of non-cooperative countries and territories (NCCTs) following 'significant reforms to its anti-money laundering system'.
The international body also revealed that the application of additional counter measures with respect to Ukraine has been withdrawn as a result of recently enacted anti-laundering legislation which addresses the deficiencies previously identified by the FATF. However, the country will remain uipon the 'blacklist' until such time as the new laws have been effectively implemented:
'This is a significant success for the FATF and Ukraine in the fight against money laundering. Close monitoring of implementation issues will be crucial in determining an appropriate time for Ukraine's removal from the NCCT list,' FATF President, Jochen Sanio noted last week.
The task force went on to recommend that its members impose additional counter measures on the Philippines if it fails to enact the appropriate legislative amendments by 15 March 2003.
In a statement released on Friday, the FATF revealed that the situation of the remaining NCCTs - namely the Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, the Philippines, St Vincent and the Grenadines, and Ukraine - will be reviewed when it holds its next plenary meeting in June.
A comprehensive report on the OECD, FATF and other 'offshore' initiatives is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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