Money Laundering

Heard about it?

Remember a college student was brought to court for alleged involvement in quick rich scheme.

It’s a crime for bankers or financial intermediaries to fail to report suspicious financial activity.

In 1989, a task force was established by the world’s seven riches nation called Financial Action Task Force (FATF) to come out with the list of country which don’t do much to stop dirty money.

The 15 countries deemed to be non-cooperative are:
1. Bahamas
2. Cayman Island
3. Cook Islands
4. Dominica
5. Israel
6. Lebanon
7. Liechtenstein
8. Marshall Island
9. Nauru
10. Niue
11. Panama
12. Philippines
13. Russia
14. St Kitts and Nevis
15. St Vincent and the Grenadines

No wonder many of them, I’ve never heard of…