Prime News, International (Paris), October 22: – The Financial Action Task Force (FATF), an international organization that monitors and sets guidelines to protect against money laundering and terrorist financing, the Turkey, Jordan and Mali on its watch list.
The Paris-based Financial Action Task Force “gray list†calls for increased monitoring of financial transactions in the three countries, which have agreed to work on the group’s recommendations. Getting on the list can scare off investors and creditors, hurting exports, production and consumption. It can also make global banks wary of doing business with a country.
The FATF also announced a new strategy to fight corruption through shell companies or other anonymous entities. The group said the proposed rules would require countries to establish a registry list who actually owns a business that must be verified and updated within a month.
“The proposals will address regulatory loopholes and weaknesses that have for too long allowed bogus companies to be used to cover up criminal activity or to hide wealth from tax authorities,” said FATF President Marcus Pleyer.
The proposed rules follow the recent publication of the “Pandora Papers†by the International Consortium of Investigative Journalists. This report shed light on the financial transactions of the elite and the corrupt and how they have used offshore accounts and tax havens to protect billions of dollars in assets.
