FATF Will Agree on Penalties for Non-Cooperating Countries

At its next meeting, the Financial Action Task Force (FATF) is expected to prepare a list of approximately twenty criteria to define non-cooperative countries when it meets in Oporto, Portugal on September 21, 1999. One expected measure will be the “name and shame” approach, whereby the FATF would publish a black list of non-compliant countries. Alternatively, the FATF, or some other international organization, could publish a “white list” of countries that do comply with money laundering standards. The countries on the list might qualify for more favorable treatment from regulators.