10/30/2004 USA PATRIOT Act Monitor News Release: FATF Withdraws
Counter-Measures Against Myanmar and Nauru
The Financial Action Task Force has withdrawn counter-measures against Myanmar and Nauru, though they remain on the list of non-cooperative countries and territories (NCCTs). The withdrawal of the counter-measures was announced at the FATF's meeting in Paris on October 22. Myanmar enacted a Mutual Assistance in Criminal Matters Law on October 14, 2004, and Nauru has taken "several significant steps" to ensure that offshore banks previously licensed in Nauru will cease to exist or cease to conduct banking activity. Both countries will remain on the list "until they address remaining deficiencies and adequately implement the necessary laws." The FATF also acknowledged progress made by the Cook Islands, Indonesia, and the Philippines, but these countries also remain on the list.
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