The FATF Blacklist
was the common shorthand description for the Financial Action Task Force
list of "Non-Cooperative Countries or Territories" (NCCTs); that is, countries which it perceived to be non-cooperative in the global fight against money laundering
and terrorist financing
. Although non-appearance on the blacklist was perceived to be a mark of approbation for Offshore Financial Centres
(or "tax havens") who are sufficiently well regulated to meet all of the FATF's criteria, in practice the list included countries that do not operate as offshore financial centres.
The FATF used to update the Blacklist regularly, designating countries to be added or deleted. , there are no officially listed NCCTs and hence the Blacklist has become defunct.
The term "non-cooperative" was sometimes criticised as misleading, as a number of the countries which appeared on the list simply lacked the infrastructure or resources to cope with relatively sophisticated financial criminals who try to operate there.
Since 2008 the FATF has begun, at the behest of the G20 Leaders, a different and more analytical process of identifying countries and jurisidictions displaying strategic deficiencies in their anti- money laundering and anti- terrorist financing regimes.
History of the FATF Blacklist (NCCT jurisdictions):
The first report
The plenary list was... Read More