Money laundering action taken

OECD Observer

Counter-measures by the Financial Action Task Force may be used against Nauru; not Philippinnes.  

Members of the Financial Action Task Force will apply counter-measures to Nauru as a result of the Nauru government's failure to enact, by 30 November 2001, appropriate legislative amendments to its Anti-Money Laundering Act of 28 August 2001. The FATF announced its decision on December 5 and will follow the situation in Nauru closely.

A little later, on December 18, the FATF announced it had decided not to apply counter-measures to the Philippines for the time being. The Philippine Anti-Money Laundering Act of 29 September 2001 took steps to strengthen the country’s anti-money laundering system, but it contains a number of important deficiencies. A detailed analysis of the new legislation has been sent to the government of the Philippines, which remains on the list of non-cooperative countries and territories.

The case of Nauru and the Philippines will be discussed again at the next FATF Plenary meeting in Hong Kong, China on 30 January-1 February 2002. The FATF hopes that both countries will rectify the deficiencies in their legislation before that meeting.

The counter-measures recommended by the FATF are designed to enhance surveillance and reporting of financial transactions and other relevant actions involving the concerned jurisdictions, including the possibility of setting stringent requirements for identifying clients before business relationships are established; enhancing relevant reporting mechanisms or systematic reporting of financial transactions on the basis that financial transactions with such countries are more likely to be suspicious; considering requests for approving the establishment in FATF member countries of subsidiaries or branches or representative offices of banks; taking into account the fact that the relevant bank is from a non-cooperative country; warning non-financial sector businesses that transactions with entities within such countries might run the risk of money laundering.

The details of these counter-measures are contained in Review to Identify Non-Cooperative.Countries or Territories: Increasing the Worldwide Effectiveness of Anti-Money Laundering Measures (June 2001), available from the FATF.

The FATF is an independent international body whose Secretariat is housed at the OECD. The twenty nine member countries and governments of the FATF are: Argentina; Australia; Austria; Belgium; Brazil; Canada; Denmark; Finland; France; Germany; Greece; Hong Kong, China; Iceland; Ireland; Italy; Japan; Luxembourg; Mexico; the Kingdom of the Netherlands; New Zealand; Norway; Portugal; Singapore; Spain; Sweden; Switzerland; Turkey; United Kingdom and the United States. Two international organisations are also members of the FATF: the European Commission and the Gulf Co-operation Council.

©OECD Observer December 2001 




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