In today’s press release, the FATF, of which Canada is a member, announced that it would remove Grenada from its list of NCCTs. The FATF will continue to monitor the implementation of Grenada’s anti-money laundering system.

In addition, the FATF announced it has withdrawn the application of additional counter-measures imposed on Ukraine. This withdrawal of counter-measures is as a result of the recent enactment by Ukraine of comprehensive anti-money laundering legislation that addresses the main deficiencies identified by the FATF. Ukraine will remain on the list of NCCTs until it has implemented effectively its new anti-money laundering legislation.

For a current listing of all the non-cooperative countries and territories, please refer to the FATF Internet site at http://www1.oecd.org/fatf/NCCT_en.htm.

Federally regulated financial institutions operating in Canada are asked to give special attention to businesses and transactions with persons, including companies and financial institutions, operating in NCCTs, by exercising appropriate due diligence and caution in reviewing any transactions with such persons or entities.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has also issued an advisory with respect to this action.

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