FATF changes NCCT list.
None on, some off, some increased risk profile.
The Financial Action Task Force has changed its list of non-cooperative countries and territories.
Summary
- Added: None
- Removed: Russia, Marshall Island, Nuie, Dominica
- Remain on list: Cook Islands; Egypt; Grenada; Guatemala; Indonesia; Myanmar; Nauru; Nigeria; Philippines; St. Vincent and the Grenadines; and Ukraine.
- New Counter-measures: Nigeria, Ukraine.
- Continuing Counter-measures: Nauru
Countermeasures are to be imposed on 15th December if the FATF does not say otherwise.
Countermeasures are "recommended" but member countries are expected to abide by them.
In the UK, it is a regulatory requirement for businesses regulated by the Financial Services Authority to act upon lists produced by the FATF.
Countermeasures are taken to mean that dealings with any individual or entity in that country shall be deemed suspicious and must be reported to the relevant FIU.
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