FATF Moves Towards Sanctions Against Non-Cooperating Countries

When the Financial Action Task Force meets in March 2000, it will consider some initiatives to impose tougher penalties on countries that fail to cooperate effectively in the efforts to combat money laundering. A February 14, 2000 report and action taken on the report indicate a movement towards sanctions. Some members in the FATF and other international organizations are frustrated over the perceived lack of cooperation and inability to effectively implement the standards to which the members agree. Already the FATF has threatened to suspend Austria if it does not abolish anonymous savings accounts by May 20, 2000…[more]