http://en.wikipedia.org/wiki/FATF_blacklist
Excerpt:
The FATF blacklist was the common shorthand description for the Financial Action Task Force list of "Non-Cooperative Countries or Territories" (NCCTs); that is, countries which it perceived to be non-cooperative in the global fight against money laundering and terrorist financing. 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 do not operate as offshore financial centres.
The FATF used to update the blacklist regularly, designating countries to be added or deleted.^[1] As of November 2009, there are no officially listed NCCTs and hence the blacklist has become defunct.
The term "non-cooperative" was sometimes criticised as misleading, as a number of the countries which appeared on the list simply lacked the infrastructure or resources to cope with relatively sophisticated financial criminals who try to operate there.
Since 2008 the FATF has begun, at the behest of the G20 Leaders, a different and more analytical process of identifying countries and jurisidictions displaying strategic deficiencies in their anti- money laundering and anti-terrorist financing regimes.
History of the FATF blacklist (NCCT jurisdictions):

[edit] The first report

The plenary list was published in June 2000,^[2] and fifteen countries initially appeared on the list as being regarded as uncooperative in the fight against money laundering:

The initial list met much criticism from professionals experienced in the offshore sector. The designation of the Cayman Islands as non-cooperative was thought to be harsh,^[3] particularly as the 2000 report itself acknowledged that "the Cayman Islands has been a leader in developing anti-money laundering programmes throughout the Caribbean region. It has served as president of the Caribbean Financial Action Task Force, and it has provided substantial assistance to neighbouring states in the region. It has demonstrated co-operation on criminal law enforcement matters, and uncovered several serious cases of fraud and money laundering otherwise unknown to authorities in FATF member states."

[edit] The second report

In the second report, in 2001 (including a supplemental report in September) a further eight countries were designated as non-cooperative:

[edit] The seventh report

The seventh list, published in June 2006,^[4] listed only the following country as non-cooperative:

Burma

[edit] The eighth report

FATF's Eighth NCCT Review (Annual Review of Non-Cooperative Countries and Territories 2006–2007 dated 12 October 2007) listed no countries as non-cooperative.^[5] Myanmar (formerly Burma) was removed on 13 October 2006, Nauru on 13 October 2005 and Nigeria on 23 June 2006.^[6]
FATF issued a "Statement" on 25 February 2009 noting concerns and encouraging greater compliance by the following countries:^[7]

[edit] "Counter measures"

Where the FATF feels that a country is not making sufficient to improve its regulation it may recommend "counter measures" against such countries. To date it has only done so against three countries: Myanmar, Nauru and Ukraine. However, counter measures have been withdrawn from all three, and as at July 2006 there are no counter measures in effect against any country.

[edit] OECD "gray list"

implementation of the internationally agreed tax standard

substantially implemented the standard

committed to the standard, but have not yet substantially implemented it

have not committed to the standard (none)

jurisdiction not monitored

Although its main focus is on tax crime, the OECD is also concerned with money laundering. Its work is designed to complement that carried out by the FATF.^[8] The OECD maintains a 'blacklist' of countries it considers uncooperative in the drive for transparency of tax affairs and the effective exchange of information, officially called "The List of Uncooperative Tax Havens". As of December 2009, no country is officially listed as a tax haven by the OECD.^[9]
On 22 October 2008, at an OECD meeting in Paris, 17 countries led by France and Germany decided to draw up a new blacklist of tax havens. The OECD has been asked to investigate around 40 new tax havens in the world where undeclared revenue is hidden and which host many of the non-regulated hedge funds that have come under fire during the 2008 financial crisis. Germany, France and other countries called on the OECD to specifically add Switzerland to a blacklist of countries which encourage tax fraud^[10]
The OECD gray list reports monitor the implementation of the internationally agreed tax standard in select jurisdictions – tax havens or other financial centers of interest. The list of jurisdictions is divided in three parts.^[11]

substantially implemented the standard: Andorra, Anguilla, Antigua and Barbuda, Argentina, Aruba, Australia, Austria, The Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil, British Virgin Islands, Brunei, Canada, Cayman Islands,^[12] Chile, China, Cook Islands, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Finland, France, Germany, Gibraltar, Greece, Grenada, Guernsey, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, South Korea, Liberia, Liechtenstein, Luxembourg, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Monaco, Netherlands, Netherlands Antilles, New Zealand, Norway, Philippines, Poland, Portugal, Qatar, Russian Federation, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Samoa, San Marino, Seychelles, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, Turks and Caicos Islands, United Arab Emirates, United Kingdom, United States, US Virgin Islands
committed to the standard, but have not yet substantially implemented it: Montserrat, Nauru, Niue, Panama, Vanuatu, Costa Rica, Guatemala, Uruguay, Hong Kong, Macao
have not committed to the standard: none as of March 2011

[edit] See also

Anti-money laundering
Financial Action Task Force on Money Laundering
Money laundering
Offshore financial centre

http://en.wikipedia.org/wiki/Asia/Pacific_Group_on_Money_Laundering
Excerpt:
The Asia/Pacific Group on Money Laundering (also known as the APG or APGML) is the FATF-style regional body for the Asia/Pacific region. It is an autonomous international organisation founded in 1997 in Bangkok, Thailand. The APG consists of 41 member jurisdictions and a number of observer jurisdictions and international and regional observer organisations. Membership in the APG is not open to individual persons. It is available only for jurisdictions with a presence in the Asia/Pacific region. Membership does not however imply or suggest sovereignty in status.

http://www.fatf-gafi.org/document/51/0,3746,en_32250379_32236992_33916403_1_1_1_1,00.html
Excerpt:

About the Non-Cooperative Countries and Territories (NCCT) Initiative

The principal objective of the Non-Cooperative Countries and Territories (NCCT) Initiative was to reduce the vulnerability of the financial system to money laundering by ensuring that all financial centres adopt and implement measures for the prevention, detection and punishment of money laundering according to internationally recognised standards.

The review and listing process

The February 2000 NCCTs report laid out the basic procedure for reviewing countries and territories as part of this initiative. The FATF established at that time four regional review groups (Americas, Asia/Pacific, Europe, Africa/Middle East) consisting of representatives from the FATF member governments that served as the main points of contact with the reviewed country or territory.

Countries were selected for review based on FATF members’ experience on a priority basis. The jurisdictions to be reviewed were informed of the work to be carried out by the FATF. The review groups gathered relevant laws, regulations and other relevant information, analysed this information against the 25 NCCT criteria, and drafted a report that was sent to the jurisdictions for comment. Each reviewed jurisdiction provided their comments on their respective draft reports. These comments and the draft reports themselves were discussed between the FATF and the jurisdictions concerned during a series of face-to-face meetings. Subsequently, the draft reports were discussed and adopted by the FATF Plenaries.

A total of 47 countries or territories were examined in two rounds of reviews (in 2000 and 2001). A total of 23 were listed as NCCTs—15 in 2000 and 8 in 2001. The FATF has not reviewed any new jurisdictions since 2001 in the framework of the NCCT initiative. As of October 2006, there are no Non-Cooperative Countries and Territories in the context of the NCCT initiative.

Annual NCCTs reports

The annual NCCT reports below will give an overview of the NCCT process from the start of the initiative in February 2000 until the de-listing of the last country in October 2006. These reports include details of the deficiencies identified regarding the countries and territories identified as non-cooperative and the actions these countries and territories have taken to remedy them, including an indication of the timelines in which the change took place and the specific progress that was made.

Initial Report on NCCTs (02/2000)
First NCCTs review (06/2000)
Second NCCTs review (06/2001)
Third NCCTS review (06/2002)
Fourth NCCTs review (06/2003)
Fifth NCCTs review (07/2004)
Sixth NCCTs review (06/2005)
Seventh NCCTs review (06/2006)
Eighth NCCTs review (10/2007)

http://en.wikipedia.org/wiki/Castle_Bravo
Excerpt:

Castle Bravo was the code name given to the first U.S. test of a dry fuel thermonuclear hydrogen bomb device, detonated on March 1, 1954 at Bikini Atoll, Marshall Islands, as the first test of Operation Castle. Castle Bravo was the most powerful nuclear device ever detonated by the United States, with a yield of 15 megatons. That yield, far exceeding the expected yield of 4 to 6 megatons, combined with other factors, led to the most significant accidental radiological contamination ever caused by the United States. Fallout from the detonation — intended to be a secret test — poisoned the islanders who had previously inhabited the atoll and returned there afterwards,^[2] as well as the crew of Daigo Fukuryū Maru ("Lucky Dragon No. 5"), a Japanese fishing boat, and created international concern about atmospheric thermonuclear testing.^[3

http://en.wikipedia.org/wiki/Daigo_Fukury%C5%AB_Maru
Excerpt:
Nuclear test site contamination

Daigo Fukuryū Maru in early 1950s, shortly before the incident

Daigo Fukuryū Maru encountered the fallout from the U.S. Castle Bravo nuclear test on the Bikini Atoll, near the Marshall Islands, on 1 March 1954. The boat, along with its 23 fishermen aboard, as well as their catch of fish, were contaminated. They returned to Yaizu, Japan on 14 March. The crew members, suffering from nausea, headache, burns, pains in the eyes, bleeding from the gums, etc., were diagnosed with acute radiation syndrome and admitted to two Tokyo hospitals. On September 23, chief radio operator Mr. Aikichi Kuboyama, 40, died — the first Japanese victim of a hydrogen bomb. He left these words: "I pray that I am the last victim of an atomic or hydrogen bomb."^[1]^[2]

http://en.wikipedia.org/wiki/Nauru
Excerpt:

In 1943, the U.S. Army Air Force bombed the Japanese airstrip, destroying about 15 Japanese warplanes^[12]

Japanese troops occupied Nauru on 26 August 1942.^[13] The Japanese troops built an airfield on Nauru which was bombed for the first time on 25 March 1943, preventing food supplies from being flown to Nauru. The Japanese deported 1,200 Nauruans to work as labourers in the Chuuk islands.^[12] Nauru, which had been bypassed and left to "wither on the vine" by American forces, was finally set free from the Japanese on 13 September 1945, when Captain Hisayaki Soeda, the commander of all the Japanese troops on Nauru,^[14] surrendered the island to the Australian Army and the Royal Australian Navy. This surrender was accepted by Brigadier J. R. Stevenson, who represented Lieutenant General Vernon Sturdee, the commander of the First Australian Army, on board the warship HMAS Diamantina.^[15]^[16] Arrangements were made to repatriate from Chuuk the 737 Nauruans who survived Japanese captivity there. They were returned to Nauru by the BPC ship Trienza in January 1946.^[17] In 1947, a trusteeship was established by the United Nations, and Australia, New Zealand, and the United Kingdom became the U.N. trustees of the island.

http://en.wikipedia.org/wiki/Saint_Kitts_and_Nevis
Excerpt:Economic Citizenship-by-Investment program
Being one of the Caribbean islands, St. Kitts allows foreigners to obtain the status of St. Kitts citizen by means of a government sponsored investment program called Citizenship-by-Investment.^[4] Established in 1984, St. Kitts’ citizenship program is the oldest economic citizenship program of this kind in this world. This well regulated, legitimate program has international approval and acceptance.
St. Kitts’ Citizenship-by-Investment program is unique in that it offers a plethora of benefits;^[5]
Each candidate must go through several legal steps^[6] and should complete certain legal requirements to get qualified for citizenship by investment program
St Kitts & Nevis also acquires foreign direct investment from their unique citizenship by investment program.
In addition to this, in hopes of expanding tourism, the country hosts its annual St. Kitts Music Festival.
Continued development from within Saint Kitts is planned and it will continue to support future economic growth of the Island.

http://www.sidf.org/citizenship/
Excerpt:

How to Qualify

To qualify for Citizenship-by-Investment, there are four different categories:

Single applicant: US$ 200,000 contribution required
Applicant with up to three dependants (i.e. one spouse and two children below the age of 18): US$ 250,000 contribution required
Applicant with up to five dependants (i.e. one spouse and four children): US$ 300,000 contribution required
Applicant with six and more dependants: US$ 400,000 contribution required.

In each of these categories, the total amount includes all government and due diligence fees. The documentation required for an application is strict but reasonable and the application procedure is well organized.

Legal Basis

The Citizenship Program of St. Kitts & Nevis was established in 1984, which makes this the longest established citizenship-by-investment program. Regulations regarding citizenship-by-investment are contained in Part II, Section 3 (5) of the Citizenship Act, 1984. The actual government policies with regard to the Citizenship-by-Investment program (such as investment requirements etc.) are set by Government through Cabinet Decision.

How to Proceed

For more information, please contact Henley & Partners, the international firm mandated by the Government to promote the SIDF Citizenship-by-Investment program.

https://www.henleyglobal.com/tax-planning/trust-and-tax-planning-group/
Excerpt:

The international Trust and Tax Planning Group has for many years been advising private clients as well as their close advisors such as lawyers and private bankers on international corporate and private tax planning structures, estate planning and asset protection. The expertise of the Group spans across various disciplines and countries, and all members of the Group are continuously involved in complex cross-border structures.

Key Members of the Trust and Tax Planning Group

The International Trust and Tax Planning Group of the firm is made up of several specialists who are located at the firm's various offices, among others the following professionals. Most of them are available for individual consultations.

Cees Jan Quirijns is an international tax and estate planning specialist and the managing partner of the H&P Trust Group. After graduating in Corporate and Tax law at the University of Maastricht in the Netherlands, he worked at a leading international tax consultancy firm in the Netherlands and the Netherlands Antilles. He subsequently joined the management team of the Swiss operations from a global fiduciary services firm. He is specialized in the incorporation and management of tax efficient corporate structures and the creation of trusts and family foundations. He is the managing partner of the H&P Trust Group and he deals with complex planning issues for affluent and international oriented families.

Hans Fraats is an international tax and estate planning lawyer and a Partner at the firm’s Zug office as well as a member of the board of H&P Trust Group. He is responsible for the Structured Solutions business, which focuses on the facilitation of tax efficient exit-scenarios such as transactions with cash rich companies as well as other structured finance transactions. After graduating from the University of Maastricht in Business Economics and Tax Law, he started his career in 1997 as a tax consultant and worked several years for a leading corporate trust services provider. As a member of the board on a group level he is also responsible for Marketing and Sales.

Paolo Di Nita, Director and the Head of the H&P Liechtenstein Office, is specialized private client and business advisor. He has been assisting foreign families, entrepreneurs and multinational corporations for many years in establishing and managing companies and family foundations. After his apprenticeship (1996 to 1999) in a Fiduciary/Trust office in Schaan (FL), Mr. Di Nita had worked as Office/Trust Manager (1999 to 31st March 2008) in a Fiduciary/Trust office in Vaduz (FL). Since 01st April 2008 he is Managing Director of H&P Liechtenstein.

Kathy Dolk is a Dutch corporate lawyer with international experience in the trust business and the Managing Partner of the firm’s office in the Netherlands. She assists high net worth families and active entrepreneurs in international tax and estate planning matters and has broad experience in dealing with tax attractive jurisdictions and planning opportunities. She is specialized in the coordination and management – often acting as Board member - of the clients tax planning and asset protection vehicles.

Barry Woestenburg is an international tax planning specialist and the managing director of the firm's Malta office. After his graduation from the University of Amsterdam, the Netherlands (corporate and tax law), he worked as a tax adviser for a leading Dutch law firm in the Netherlands, Luxembourg and Switzerland. He specializes in the coordination and management of complex international tax planning structures for privately owned companies and high net worth individuals.

Carina Santos is a US tax lawyer with over 15 years of experience in international tax planning. She obtained her law degree and her Masters in International Tax Law (LL.M.) and has been acting as global tax director for several large (family owned and public) multinational companies, headquartered in the U.S., Paris and Zug, Switzerland. In addition to her in house tax experience, she has previously worked as an international tax attorney / consultant for Baker & McKenzie (Zurich), Arthur Andersen (Miami) and Ernst & Young, thereby assisting many wealthy families and international companies with their cross border tax planning.

Fréderique van Gelderen is an international tax Structuring Advisor with the H&P Trust Group, located at the firm’s Zug Office. She started her career in de financial services industry with a leading global fiduciary services firm in the Netherlands. Subsequently she commenced to study Tax Law at the University of Rotterdam during which she joined a leading international tax consultancy firm in the Netherlands. She assists high net worth families and active entrepreneurs with the creation and implementation of international tax efficient corporate structures. Furthermore she is part of the Structured Solutions group.

Philip Kisob is the Managing Director of H&P Corporate Services in Anguilla, British West Indies. After graduating from London University’s renowned School of Oriental and African Studies in the disciplines of Law and Politics he worked as a Public Affairs Consultant at a leading law firm in Africa. He subsequently joined an international gaming company and moved to the Caribbean. Prior to his current appointment he has served as a Senior Account Manager with a top Caribbean trust group and also served as regional General Manager of a US title insurance firm. Philip has worked in the UK, Africa and the Caribbean and lived in four continents. He has a vast experience and knowledge of varied cultures and professional experiences.

Haig Assadourian studied in the UK and is a holder of a BA (Hons) degree in Economics & Business Finance. Having been involved in a wide range of business areas, he has extensive experience of international trade at senior level. Haig is responsible for business development, compliance and client relations. Haig spent a number of years working for international companies such as Europcar & Panasonic, in a managerial capacity within their customer services departments. Having gained considerable experience in the field of customer services & client satisfaction, he joined NZI Bank in London as manager of client relations, where he was responsible for all aspects of the Bank's relationships with its private clients. In 1989 Haig returned to Cyprus as General Manager of a large trading group. The company was involved in the distribution of luxury cars (Rover, Land Rover, Jaguar), the distribution of a wide range of electrical products and the tourist industry, handling a large number of incoming and outgoing tourists, as well as a chain of hotels. In 1991 Haig became managing director of the group, which by then had over 200 staff and a turnover in excess of US$24 million. As part of H&P Cyprus, Haig contributes at directors level and is responsible for business development and client relations. He is fluent in English, Greek and Armenian, and has a good knowledge of French.

Heavens Task Force

Saturday, October 22, 2011

FATF blacklist (Financial action Task Force)

Contents