Money laundering list gets longer

Four jurisdictions have been taken off the Financial Action Task Force (FATF) list of non-cooperative countries and territories, but eight more have been added, for a total of 19 jurisdictions worldwide considered not to be helping with the international fight against money laundering. The four identified

last year as non-cooperative that have been taken off the list are Bahamas, Caymans, Liechtenstein and Panama. Russia and Nauru remain on the noncooperative list, but an FATE meeting in Paris in early September lifted a call for members to take counter-measures against them after both passed antimoney laundering legislation. However, "the Philippines has still not enacted long-awaited and necessary legal reforms," the FATF said, urging members to take additional counter-measures if it did not do so by the end of September. The FATE a 29-member independent international body whose secretariat is housed at the OECD, has also added eight new countries to the non-cooperative list following a new round of reviews - Egypt, Guatemala, Grenada, Hungary, Indonesia, Myanmar, Nigeria and Ukraine. The FATF asks member countries to ask their financial institutions to give special attention to businesses and transactions involving the countries or territories on the list.

For the full report on non-co-operative territories visit the FATF website: http://www.oecd.org/fatf/

The full list of non-cooperative countries and territories published by the FATF in September:

Cook Islands

Dominica

Egypt

Guatemala

Grenada

Hungary

Indonesia

Israel

Lebanon

Marshall Islands

Myanmar

Nauru

Nigeria

Niue

Philippines

Russia

St. Kitts and Nevis

St. Vincent and the Grenadines

Ukraine