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Blacklisted countries offshore

1. AF - AFGHANISTAN
2. AO - ANGOLA
3. AQ - ANTARCTICA
4. BT - BHUTAN
5. BW - BOTSWANA
6. BV - BOUVET ISLAND
7. IO - BRITISH INDIAN OCEAN TERRITORY
8. BF - BURKINA FASO
9. BI - BURUNDI
10. CV - CAPE VERDE
11. KY - CAYMAN ISLANDS
12. CF - CENTRAL AFRICAN REPUBLIC
13. TD - CHAD
14. CX - CHRISTMAS ISLAND
15. CC - COCOS (KEELING) ISLANDS
16. CO - COLOMBIA
17. KM - COMOROS
18. CG -CONGO
19. CD - CONGO, THE DEMOCRATIC REPUBLIC OF THE
20. CK - COOK ISLANDS
21. CI - CÔTE D’IVOIRE
22. CU - CUBA
23. DJ - DJIBOUTI
24. GQ - EQUATORIAL GUINEA
25. ER - ERITREA
26. FK - FALKLAND ISLANDS (MALVINAS)
27. FJ - FIJI
28. GF - FRENCH GUIANA
29. TF - FRENCH SOUTHERN TERRITORIES
30. GT - GUATEMALA
31. HM - HEARD ISLAND AND MCDONALD ISLANDS
32. ID - INDONESIA
33. IR - IRAN, ISLAMIC REPUBLIC OF
34. IQ - IRAQ
35. KP - KOREA, DEMOCRATIC PEOPLE’S REPUBLIC OF
36. KOSOVO
37. LR - LIBERIA
38. LY - LIBYAN ARAB JAMAHIRIYA
39. YT - MAYOTTE
40. MS - MONTSERRAT
41. NM - MYANMAR
42. NR - NAURU
43. NG - NIGERIA
44. NU - NIUE
45. NF - NORFOLK ISLAND
46. MP - NORTHERN MARIANAISLANDS
47. PW - PALAU
48. PS - PALESTINIAN TERRITORY, OCCUPIED
49. PH - PHILIPPINES
50. PN - PITCAIRN
51. PR - PUERTO RICO
52. RW - RWANDA
53. SH - SAINT HELENA
54. PM - SAINT PIERRE AND MIQUELON
55. WS - SAMOA
56. ST - SAO TOME AND PRINCIPE
57. SL - SIERRA LEONE
58. SB - SOLOMON ISLANDS
59. SO - SOMALIA
60. GS - SOUTH GEORGIA AND THE SOUTH SANDWICH ISLANDS
61. SD - SUDAN
62. SZ - SWAZILAND
63. SY - SYRIAN ARAB REPUBLIC
64. TL - TIMOR-LESTE
65. TK - TOKELAU
66. TO - TONGA
67. TV - TUVALU
68. UG - UGANDA
69. VU - VANUATU
70. WF - WALLIS AND FUTUNA
71. EH - WESTERN SAHARA
72. YE - YEMEN
73. CD - ZAIRE (CONGO, THE DEMOCRATIC REPUBLIC OF THE)
74. ZW - ZIMBABWE

The Financial Action Task Force (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7. The purpose of the FATF is to develop policies to combat money laundering and terrorism financing. The FATF Secretariat is housed at the headquarters of the OECD in Paris.

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989. Recognising the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission and eight other countries. The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering. In 2001, the development of standards in the fight against terrorism financing was added to the mission of the FATF. In October 2001 the FATF issued the Eight Special Recommendations to deal with the issue of terrorism financing. The continued evolution of money laundering techniques led the FATF to revise the FATF standards comprehensively in June 2003. In October 2004 the FATF published a Ninth Special Recommendations, further strengthening the agreed international standards for combating money laundering and terrorism financing - the 40+9 Recommendations. During 1991 and 1992, the FATF expanded its membership from the original 16 to 28 members. In 2000 the FATF expanded to 31 members, in 2003 to 33 members, in 2007 it expanded to 34 members, in 2009 to 35 members, and in 2010 to its current 36 members.

List of Non-Cooperative Countries or Territories

The first reportThe plenary list was published in June 2000,[2] and fifteen countries initially appeared on the list as being regarded as uncooperative in the fight against money laundering:

Bahamas
Cayman Islands
Cook Islands
Dominica
Israel
Lebanon
Liechtenstein
Marshall Islands
Nauru
Niue
Panama
Philippines
Russian Federation
Saint Kitts and Nevis
Saint Vincent and the Grenadines
The initial list met much criticism from professionals experienced in the offshore sector. The designation of the Cayman Islands as non-cooperative was thought to be harsh,[3] particularly as the 2000 report itself acknowledged that "the Cayman Islands has been a leader in developing anti-money laundering programmes throughout the Caribbean region. It has served as president of the Caribbean Financial Action Task Force, and it has provided substantial assistance to neighbouring states in the region. It has demonstrated co-operation on criminal law enforcement matters, and uncovered several serious cases of fraud and money laundering otherwise unknown to authorities in FATF member states."

The second reportIn the second report, in 2001 (including a supplemental report in September) a further eight countries were designated as non-cooperative:

Egypt
Grenada
Guatemala
Hungary
Indonesia
Burma
Nigeria
Ukraine

FATF issued a "Statement" on 25 February 2009 noting concerns and encouraging greater compliance by the following countries:

Iran
Pakistan
Turkmenistan
Uzbekistan
São Tomé and Príncipe

Although its main focus is on tax crime, the OECD is also concerned with money laundering. Its work is designed to complement that carried out by the FATF. The OECD maintains a 'blacklist' of countries it considers uncooperative in the drive for transparency of tax affairs and the effective exchange of information, officially called "The List of Uncooperative Tax Havens". As of December 2009, no country is officially listed as a tax haven by the OECD.

On 22 October 2008, at an OECD meeting in Paris, 17 countries led by France and Germany decided to draw up a new blacklist of tax havens. The OECD has been asked to investigate around 40 new tax havens in the world where undeclared revenue is hidden and which host many of the non-regulated hedge funds that have come under fire during the 2008 financial crisis. Germany, France and other countries called on the OECD to specifically add Switzerland to a blacklist of countries which encourage tax fraud[9]

The OECD gray list reports monitor the implementation of the internationally agreed tax standard in select jurisdictions – tax havens or other financial centers of interest. The list of jurisdictions is divided in three parts.

substantially implemented the standard: Andorra, Anguilla, Antigua and Barbuda, Argentina, Aruba, Australia, Austria, The Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil, British Virgin Islands, Brunei, Canada, Cayman Islands, Chile, China, Cook Islands, Costa Rica, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Finland, France, Germany, Gibraltar, Greece, Grenada, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, South Korea, Liberia, Liechtenstein, Luxembourg, Macao, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Monaco, Montserrat, Netherlands, Netherlands Antilles, New Zealand, Norway, Panama, Philippines, Poland, Portugal, Qatar, Russian Federation, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Samoa, San Marino, Seychelles, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, Turks and Caicos Islands, United Arab Emirates, United Kingdom, United States, US Virgin Islands, Vanuatu committed to the standard, but have not yet substantially implemented it: Nauru, Niue, Guatemala, Uruguay have not committed to the standard: none as of November 2011

Recomendations: Money laundering methods and techniques change in response to developing counter-measures. In recent years, the Financial Action Task Force (FATF) has noted increasingly sophisticated combinations of techniques, such as the increased use of legal persons to disguise the true ownership and control of illegal proceeds, and an increased use of professionals to provide advice and assistance in laundering criminal funds. These factors, combined with the experience gained through the FATF's Non-Cooperative Countries and Territories process, and a number of national and international initiatives, led the FATF to review and revise the Forty Recommendations into a new comprehensive framework for combating money laundering and terrorism financing. The FATF now calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures. The review process for revising the Forty Recommendations was an extensive one, open to FATF members, non-members, observers, financial and other affected sectors and interested parties. This consultation process provided a wide range of input, all of which was considered in the review process. The revised Forty Recommendations now apply not only to money laundering but also to terrorism financing, and when combined with the Eight Special Recommendations on Terrorism Financing provide an enhanced, comprehensive and consistent framework of measures for combating money laundering and terrorism financing. The FATF recognises that countries have diverse legal and financial systems and so all cannot take identical measures to achieve the common objective, especially over matters of detail. The Recommendations therefore set minimum standards for action for countries to implement the detail according to their particular circumstances and constitutional frameworks. The Recommendations cover all the measures that national systems should have in place within their criminal justice and regulatory systems; the preventive measures to be taken by financial institutions and certain other businesses and professions; and international co-operation. The original FATF Forty Recommendations were drawn up in 1990 as an initiative to combat the misuse of financial systems by persons laundering drug money. In 1996 the Recommendations were revised for the first time to reflect evolving money laundering typologies. The 1996 Forty Recommendations have been endorsed by more than 130 countries and are the international anti-money laundering standard. In October 2001 the FATF expanded its mandate to deal with the issue of the financing of terrorism, and took the important step of creating the Eight Special Recommendations on Terrorism Financing. These Recommendations contain a set of measures aimed at combating the funding of terrorist acts and terrorist organisations, and are complementary to the Forty Recommendations2. A key element in the fight against money laundering and the financing of terrorism is the need for countries systems to be monitored and evaluated, with respect to these international standards. The mutual evaluations conducted by the FATF and FATF-style regional bodies, as well as the assessments conducted by the IMF and World Bank, are a vital mechanism for ensuring that the FATF Recommendations are effectively implemented by all countries

Members

The FATF membership is currently made up of 34 countries and territories and 2 regional organisations. The FATF also works in close co-operation with a number of international and regional bodies involved in combating money laundering and terrorism financing.[4]

Argentina
Australia
Austria
Belgium
Brazil
Canada
China
Denmark
European Commission
Finland
France
Germany
Greece
Gulf Co-operation Council
Hong Kong, China
Iceland
India
Ireland
Italy
Japan
Kingdom of the Netherlands*:  Netherlands,  Aruba,  Curacao and  Sint Maarten.
Luxembourg
Mexico
New Zealand
Norway
Portugal
Republic of Korea
Russian Federation
Singapore
South Africa
Spain
Sweden
Switzerland
Turkey
United Kingdom
United States

The Asia/Pacific Group on Money Laundering (APG)
Caribbean Financial Action Task Force (CFATF)
The Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Landering Measures (MONEYVAL)(formerly PC-R-EV)[5]
The Financial Action Task Force on Money Laundering in South America (GAFISUD)
Middle East and North Africa Financial Action Task Force (MENAFATF
Eurasia Group (EAG)
Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
Intergovernmental Action Group against Money-Laundering in Africa (GIABA)

Several international organisations including the International Monetary Fund and the World Bank

 
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