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Non-Cooperative Countries and Territories

In June 2001, FinCEN Advisories were issued notifying financial institutions that previous FinCEN Advisories on the Bahamas, the Cayman Islands, Liechtenstein and Panama calling for enhanced scrutiny to financial transactions originating in, or routed through, those jurisdictions were being withdrawn. This action followed the June 22, 2001 publication of the Financial Action Task Force on Money Laundering's (FATF) 12th annual report and the decision to remove the Bahamas, the Cayman Islands, Liechtenstein and Panama from the FATF list of "non-cooperative countries and territories" (NCCTs) in the global fight against money laundering.19 At the same time, the FATF identified serious deficiencies in the anti-money laundering regimes in Egypt, Guatemala, Hungary, Indonesia, Myanmar and Nigeria, and added them to the list of NCCTs.

On September 7, 2001, FATF announced the results of its discussions on .noncooperative "jurisdictions since the publication of its second report on the noncooperative countries and territories (NCCTs) dated June 2001" During that period, FATF reviewed the status of legislative efforts by the Governments of Russia, Nauru and the Philippines, which had been notified in June that failure to enact significant anti-money laundering legislation by September 30, 2001 would result in the imposition of countermeasures by FATF members.

Also, upon review of several jurisdictions, the FATF added two more countries . Grenada and Ukraine.to its NCCT list because the countries were found to have serious deficiencies in their anti-money laundering regimes. The updated list of NCCTs is as follows: Cook Islands, Dominica, Egypt, Grenada, Guatemala, Hungary, Indonesia, Israel, Lebanon, Marshall Islands, Myanmar, Nauru, Nigeria, Niue, Philippines, Russia, St. Kitts and Nevis, St. Vincent and the Grenadines, and Ukraine.

Excerpted from SAR Activity Review Issue 3, page 27

First published on 10/01/2001

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