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The Treasury Department supports and endorses the FATF decisions made today in Paris. International cooperation is vital in our fight against money laundering, says Treasury Department Under Secretary for Enforcement Jimmy Gurulé. The United States will continue to partner with other FATF countries in a joint effort to combat money laundering on a global scale. The Treasury Department's 2001 Money Laundering Strategy, which will be released shortly, emphasizes the importance of international cooperation such as that exhibited today. A summary of the FATF decisions are listed below:
- Counter measures against the Philippines will be taken on September 30, 2001 unless the Philippines enact significant legislation addressing their money laundering deficiencies prior to that date.
- Countermeasures will be taken against Nauru on November 30, 2001unless they enact amendments to their money laundering legislation prior to that date.
- Due to Russia's recent passage of legislation addressing their money laundering deficiencies, the FATF is optimistic that they will continue on this positive course of action and that sanctions against them will not become necessary.
- Due to their failure to implement comprehensive money laundering legislation, Ukraine and Granada have been added to the NCCT list.
- The FATF has requested an implementation plan from Dominica to support the legislative progress they have made over the last year.
FATF INFORMATION: The FATF is an independent international body. The twenty-nine members countries and governments of the FATF are: Argentina; Australia; Austria; Belgium; Brazil; Canada; Denmark; Finland; France; Germany; Greece; Hong Kong, China; Iceland; Ireland; Italy; Japan; Luxembourg; Mexico; The Kingdom of the Netherlands; New Zealand; Norway; Portugal; Singapore; Spain; Sweden; Switzerland; Turkey; United Kingdom; and the United States. Two international organizations are also members of the FATF: the European Commission and the Gulf Co-operation Council.