Paris, FATF -- The Cook Islands, Indonesia and the Philippines have been removed from the list of Non-Cooperative Countries and Territories (NCCT). Recent FATF visits to those countries confirmed that they are effectively implementing anti-money laundering (AML) measures to remedy deficiencies that were identified by the FATF.
The Financial Action Task Force (FATF) reports on its meeting in Paris from 9 to 11 February 2005, said the Cook Islands, Indonesia, and the Philippines have AML systems that include strict customer identification, suspicious transaction reporting, bank examinations, and legal capacities to investigate and prosecute money laundering.
All three countries have developed financial intelligence units (FIUs)-specialised units that analyse financial data, co-ordinate national efforts, and facilitate international co-operation.
The FATF will now monitor the implementation of these measures in the three countries to ensure that they sustain their recent commitments and progress. The current NCCT list includes Myanmar, Nauru, and Nigeria.
The FATF continues to use the NCCT process to call on financial institutions to scrutinise transactions with persons, businesses, or banks in listed countries with inadequate anti-money laundering infrastructures.
The FATF has published a Best Practices paper on Special Recommendation IX, which provides guidance on detailed measures to stop cross-border movements of currency and monetary instruments related to terrorist financing and money laundering, and to confiscate such funds, as well as on enhanced information-sharing between countries on the movement of illicit cash related to terrorist financing or money laundering. ? fatf
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