Egypt removed from US blacklist of money-laundering nations
The US Financial Action Task Force (FATF) has removed Egypt from its list of countries that do not have adequate controls against money laundering. At the same time, Ukraine was also removed from the list.
FATF maintains a list of non-cooperative countries and territories (NCCTs) that do not meet international standards against money laundering. These countries can be subjected to counter-measures, including heightened scrutiny by banks dealing with any transactions originating from an NCCT-listed country.
Egypt was among the six countries added to the blacklist of money-laundering nations in 2001. The FATF threatened to launch tough inspections on the country’s banks’ applications to opening overseas bank branches, in addition to warning normal businesses that deals with Egyptian companies could involve money laundering.
Countries still designated as NCCTs are Cook Islands, Guatemala, Indonesia, Myanmar, Nauru, Nigeria and Philippines. — (menareport.com)
© 2004 Mena Report (www.menareport.com)