(July 12 – 10:00 ET) – The Office of the Superintendant of Financial Institutions has issued a warning to financial institutions about dealing with companies from jurisdictions that do not co-operate with international anti-money laundering efforts.
A report issued on June 22 by the Financial Action Task Force on Money Laundering identifies countries that the task force has found to have serious deficiencies in their anti-money laundering regimes. The report may be accessed on the OECD Web site at www.oecd.org/fatf.
The FATF has asked its members, such as OSFI, to advise their financial institutions to “give special attention to businesses and transactions with persons, including companies and financial institutions, in countries or territories identified in the report as being non-cooperative.”
Those countries are: Bahamas, Cayman Islands, Cook Islands, Dominica, Israel, Lebanon, Liechtenstein, Marshall Islands, Nauru, Niue, Panama, Philippines, Russia, St. Kitts and Nevis and St. Vincent and the Grenadines.