Blacklist of non-cooperating countries created by the Financial Action Task Force
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The Financial Action Task Force blacklist (often abbreviated to FATF blacklist, and officially known as the "Call for action"),[1] is a blacklist maintained by the Financial Action Task Force.[2][3]
The blacklist has been issued by the FATF since 2000, and lists countries which FATF judges to be non-cooperative in the global fight against money laundering and terrorist financing, calling them "Non-Cooperative Countries or Territories" (NCCTs).[4]
Although non-appearance on the blacklist was perceived to be a mark of approbation for offshore financial centres (or "tax havens") who are sufficiently well regulated to meet all of the FATF's criteria, in practice, the list included countries that did not operate as offshore financial centres. The FATF updates the blacklist regularly, adding or deleting entries.[4]
The FATF describes "High-risk jurisdictions subject to a Call for Action" as having "significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country".[5] As of November 2022, only three countries were on the FATF blacklist: North Korea, Iran, and Myanmar.[6]
The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows. FATF incentivizes stricter regulations through its public noncomplier list, which leads financial institutions to shift resources and services away from the countries on the blacklist. This in turn motivates domestic economic and political actors in the listed countries to pressure their governments to introduce regulations that are compliant with the FATF.[7]
^FATF nations, Full member nations, Observer nations, Call for action nations (Blacklisted nations), Other monitored jurisdictions (greylisted nations), FATF, accessed 24 October 2019.
^"About FATF". FATF. Archived from the original on 27 April 2018. Retrieved 1 May 2018.
^Chohan, Usman W. (14 March 2019). "The FATF in the Global Financial Architecture: Challenges and Implications". International, Transnational & Comparative Law Journal. UNSW Business School; Critical Blockchain Research Initiative (CBRI); Centre for Aerospace & Security Studies (CASS). doi:10.2139/ssrn.3362167. S2CID 197804604. SSRN 3362167.
^ ab"FATF Works". FATF. Archived from the original on 7 May 2018. Retrieved 1 May 2018.
^"Countries - Financial Action Task Force (FATF)". www.fatf-gafi.org.
^"Countries - Financial Action Task Force (FATF)". www.fatf-gafi.org. Retrieved 13 November 2022.
^Morse, Julia C. (2021). The Bankers' Blacklist: Unofficial Market Enforcement and the Global Fight against Illicit Financing. Cornell University Press. ISBN 978-1-5017-6151-5. JSTOR 10.7591/j.ctv1hw3x0d.
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