BusinessCompany NewsGuatemala off FATF blacklist

Guatemala off FATF blacklist

The Central American county of Guatemala has been removed from the Financial Action Task Force's blacklist of countries that are not co-operating to stamp out terror financing.

Link: IMF implements anti-money laundering rule

Guatemala was removed from FATF’s list of Non-Cooperative Countries and Territories (NCCTs) after it committed itself to exploring new ways to tackle terrorism financing.

‘The NCCT process has been very successful in encouraging countries to take necessary action to clean up their financial systems. Guatemala has worked with FATF representatives to achieve a positive result, and the FATF will continue to monitor Guatemala’s progress,’ said FATF president Claes Norgren at the Group’s Plenary meeting in Paris.

Countries on the list are those identified as having serious flaws in their anti-money laundering systems – they are then the subject of counter-measures such as heightened scrutiny by financial institutions.

The list of countries remaining as designated NCCTs is as follows: Cook Islands, Indonesia, Myanmar, Nauru, Nigeria and Philippines.

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