FATF Removes Ukraine From Its Black List.
The Financial Action Task Force on Money Laundering (FATF) has removed Ukraine from its list of Non-Cooperative Countries and Territories. President Leonid Kuchma announced this at a pres conference after his senior adviser Serhii Liovochkin handed him a note about the FATF's decision. Kuchma said he welcomed the decision of the FATF. According to him, the FATF's decision is of economic importance to Ukraine and it will have a positive effect on the country's image. At the same time, President Kuchma said that Ukraine's inclusion on the FATF's list of Non-Cooperative Countries and Territories was a good experience for Ukraine and that it stimulated the country to fight money laundering. "It applied turpentine to us, and we did a lot," Kuchma said. The Financial Action Task Force on Money Laundering considered the possibility of removing Ukraine from its list of Non-Cooperative Countries and Territories during its session taking place from February 25 to 26. The FATF included Ukraine on its list of Non-Cooperative Countries and Territories in September 2001. The FATF imposed money laundering-sanctions against Ukraine in December 2002 but lifted the sanctions in February 2003 after Ukraine adopted laws aimed at strengthening the fight against money laundering. However, the FATF retained Ukraine on its list of Non-Cooperative Countries and Territories. The member countries and governments of the FATF include Argentina, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, China, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States. The European Commission and the Gulf Cooperation Council are also members of the FATF.
|
