FATF blacklist
The Financial Action Task Force (FATF) was established by the G7 summit that was held in Paris in 1989. The initial list of fifteen countries regarded as uncooperative in the fight against money laundering, was published in June 2000. As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran.
About FATF blacklist in brief
The Financial Action Task Force (FATF) was established by the G7 summit that was held in Paris in 1989. The initial list of fifteen countries regarded as uncooperative in the fight against money laundering, was published in June 2000. As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran. The list met criticism from professionals experienced in the offshore financial sector. The designation of the Cayman Islands as non-cooperative was thought to be harsh, particularly as the 2000 report itself acknowledged that it has been a leader in developing anti-money laundering programs throughout the Caribbean region. There are 39 members of FATF, representing most financial centres around the world. There is currently one FATF observer. The Blacklist is a term used by the media, which is officially called as ‘Call for action’ nations by FATF. The FATF has been providing policy recommendations since 1990 and their recommendations have been revised four times since then. FATF also monitors the situations of its members in establishing adequate measures and institutions to fight againstMoney laundering and terrorist financing. It also makes sure that it is aware of national-level vulnerabilities of its member states with the aim of protecting the international financial system from misuse.
The term ‘Non-Cooperative Countries or Territories’ has been used by some analysts as misleading, as a number of countries on the list simply lacked the infrastructure or resources to cope with relatively sophisticated financial criminals who tried to operate there. In addition, FATF provides policy recommendations that meet international standards to countries for combating money laundering and the financing of terrorism and proliferation of weapons of mass destruction. For all countries identified as high-risk, the FATf calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the internationalfinancial system from the ongoing money laundering,. terrorist financing, and proliferation financing risks emanating from the country’s. The first list of 15 countries, published in 2000, consisted of the following countries: Iran, Uzbekistan, Pakistan, Turkmenistan, and São Tomé and Príncipe. According to the following report form FATF in June 2005, the following were listed as NCCTs: Nigeria, Nauru on 13 October 2005 and Nigeria on 23 June 2006. The seventh country listed, only the following in June 2006, was Myanmar.
You want to know more about FATF blacklist?
This page is based on the article FATF blacklist published in Wikipedia (as of Nov. 30, 2020) and was automatically summarized using artificial intelligence.
