October 23, 2002  FINTRAC Advisory

Financial Action Task Force on Money Laundering (FATF)
Releases Update to List of Non-Cooperative Countries and Territories

On October 11, 2002, the FATF issued an update to its list of Non-Cooperative Countries and Territories (NCCTs).The FATF stated that it has removed four countries ―Russia, Dominica, the Marshall Islands and Niue ―from the NCCTs list.

Eleven countries and territories remain on the FATFs NCCT list. They are: the Cook Islands, Egypt, Grenada, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, the Philippines, Saint Vincent and the Grenadines, and the Ukraine.

The FATF continues to call on its members to advise their banks and other financial institutions and intermediaries of changes to the NCCT list and to give special attention to businesses and transactions with persons, including companies, financial institutions and other entities operating in NCCTs.

Accordingly, with respect to any business or affairs that may be transacted with persons or entities domiciled in NCCTs, special attention should be given by exercising appropriate due diligence and caution in conducting any transactions with such persons or entities. Careful note should also be taken of the FATFs call to maintain additional counter-measures against Nauru as outlined in FINTRACs advisory notice of January 16, 2002.

The Office of the Superintendent of Financial Institutions (OSFI) has also issued an advisory to all federally regulated financial institutions. For a copy of the letter visit: www.osfi-bsif.gc.ca.

For further information on the FATFs NCCT list, please consult the FATF website.

Thank you very much for your continued co-operation in this matter.