Money Laundering 'Blacklist' The Financial Action Task Force on Money Laundering and the Organization for Economic Cooperation and Development recently identified "serious deficiencies" in Egypt, Guatemala, Hungary, Indonesia, Myanmar and Nigeria.
Non-cooperative countries and territories were listed as: Cook Islands, Dominica, Egypt, Guatemala, Hungary, Indonesia, Israel, Lebanon, Marshall Islands, Myanmar, Nauru, Nigeria, Niue, Philippines, Russia, St. Kitts and Nevis, and St. Vincent and the Grenadines.
The FATF and OECD also recommended additional countermeasures, including possible "enhanced surveillance and reporting of financial transactions" for Nauru, the Philippines and Russia as of Sept. 30 unless "significant legislation" is enacted to address identified money-laundering concerns.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, July 30, 2001. Copyright 2001 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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