Blacklist shrinks to two

Naura was removed from the Financial Action Task Force Non Cooperative Countries and Territories (NCCTs) list at the standard setter’s October plenary in Paris, following its abolition of 400 shell banks. Only Myanmar and Nigeria remain on the list: while the FATF sounded an encouraging note with its observation that “they have adopted many necessary legal reforms”, it reminded financial institutions to continue to pay close attention to transactions originating from entities based in the two jurisdictions in line with its Recommendation 21.