TaxCorporate TaxSix countries off FATF blacklist

Six countries off FATF blacklist

The OECD-sponsored Financial Action Task Force has removed four countries from its blacklist of territories not cooperating in the fight to end money laundering.

The countries dropped from the list, released today as part of its thirteenth annual report, are Hungary, Israel, Lebanon and St Kitts and Nevis. The FATF added that all of them would be closely monitored.

The current list includes: Cook Islands, Dominica, Egypt, Grenada, Guatemala, Indonesia, Marshall Islands, Myanmar, Nauru, Nigeria, Niue, Philippines, Russia, St. Vincent and the Grenadines and Ukraine.

In its report the FATF called on its members to update their advisories and give special attention to businesses and persons undertaking transactions in blacklisted countries and territories.

The body also announced that more than 50 countries had begun a voluntary self-assessment exercise aimed at countering terror financing. This will be used to assess which financial centres lack adequate resources to fight such financing.

FATF president Claire Lo said: ‘We are very encouraged by the participation of non-FATF countries in this exercise and we will work to ensure that countries that have not yet replied to the questionnaire do so by 1 September.’

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

2m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson