Grenada off FATF blacklist

Link: Tax haven acts to combat money laundering

The body, sponsored by the Organisation of Economic Cooperation and Development, said Grenada would be taken off the list after it made ‘significant reforms’ to its anti-money laundering system.

FATF also said it would not apply any more counter-measures against the Ukraine after the former Soviet Union member enacted ‘comprehensive anti-money laundering legislation’. However it will still remain on the list of non-cooperating countries, until the legislation has been implemented.

‘This is a significant success for the FATF and Ukraine in the fight against money laundering. Close monitoring of implementation issues will be crucial in determining an appropriate time for Ukraine’s removal from the NCCT list,’ said FATF president Jochen Sanko.

However, the Philippines is again in hot water, after FATF recommended that its members impose sanctions against it for failing to enact legislation to correct previously identified deficiencies.

The Philippines has until the 15 March to comply.

The current blacklist includes: Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines, St. Vincent and the Grenadines, and Ukraine.

Related reading

aidan-brennan kpmg
The Practitioner