FATF NCCT changes announced today
The Financial Action Task Force has removed Grenada from the Non Cooperative Countries and Territories list but says it will closely monitor implementation.
Ukraine has been downgraded from the sanctions list to the ordinary blacklist meaning that caution remains necessary but it is no longer necessary to presume suspicion. However, the US Treasury which coordinated with the FATF the placing of Ukraine on its list of countries of primary money laundering concern has not acted do promptly in relation to removal. Other regulators were more cautious about issuing specific notices although several did so in the early weeks of 2003.
It appears, therefore, as if there is now a mis-match between the FATF position, including those countries that say that regulated businesses should follow the FATF position, and those countries which issued specific warnings: those appear to remain in force.
The FATF has recommended that its members impose additional counter-measures against the Philippines due to what the FATF calls "the failure of the Philippines to enact legislation to address previously identified deficiencies in their anti-money laundering regime". The FATF now demands that the Philippines Government pass amendments to the current law before 15 March 2003 or face counter-measures as of that date. Until then, the FATF will continue to monitor ongoing legislative development.
Still on the list:
Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines, St. Vincent and the Grenadines, and Ukraine.
The FATF maintains countermeasures against Nauru.
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