§ Harry CohenTo ask the Chancellor of the Exchequer (1) what the Government's policy is on action relating to countries named on the OECD's latest money laundering blacklist; and if he will make a statement; [78455]
863W(2) what action he has recently taken to encourage(a)Grenada, (b) Nauru, (c) St.Vincent and the Grenadines and (d)the Cook Islands to comply with the OECD anti-money-laundering system; and if he will make a statement. [78454]
§ Ruth KellyThe Government are working actively with other members of the Financial Action Task Force to help jurisdictions on the FATF list of non-cooperative countries and territories to strengthen their anti-money laundering systems. An FATF delegation will visit Grenada in December to review progress, and an IMF mission in 2003 will provide technical assistance to the Cook Islands.
Most countries are taking measures to improve their systems, and the Government welcome the decision of the FATF last month to remove Russia, Dominica, Niue and the Marshall Islands from the NCCT list in view of the progress they had made. However, in December 2001, the FATF decided to implement counter-measures against Nauru in view of its lack of progress. These counter-measures involve enhanced surveillance and reporting of financial transactions with Nauru.