FATF Issues Report Initiating Process to Sanction Non-Cooperative Jurisdictions (IA)

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Saturday, April 1, 2000
Bruce Zagaris
On February 14, 2000, the Financial Action Task Force (FATF) issued a report establishing a process to sanction non-cooperative jurisdictions. The FATF explains that recent years have experienced a sharp increase in the number of jurisdictions offering financial services without appropriate control or regulation and protected by strict bank secrecy. The proliferation of these new jurisdictions and products, along with the high mobility of funds and the rapid development of new payment technologies, have provided new means for laundering proceeds of serious crimes. The report explains that, to ensure the stability of the international financial system and effective prevention of money laundering, all financial centers must have comprehensive control, regulation and supervision systems. All financial intermediaries or agents must be subject to strict obligations, especially as regards the prevention, detection and punishment of money laundering…[more]