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515.5995

Guidelines & Circulars

Our Ref:
B10/1C

27 December 2002

The Chief Executive
All authorized institutions

Dear Sir / Madam,

Financial Action Task Force (FATF)
Non-cooperative Countries and Territories (NCCTs) Counter-measures on Ukraine

I advised you in my letter of 25 October 2002 of the FATF's intention to apply counter-measures on Nigeria and Ukraine, both being countries on the NCCT list. In view of the recent enactment of amended money laundering law in Nigeria, which significantly expanded the scope of the earlier legislation, the FATF has decided not to apply counter-measures to Nigeria at this stage. The country nevertheless remains on the NCCT list.

The Ukrainian Government has also passed a new law recently but this is found to have several deficiencies and does not address the major money laundering problems identified by the FATF earlier. The FATF has therefore called on its members to apply counter-measures to Ukraine with immediate effect. A copy of the FATF press release is attached at Annex 1.

Authorized institutions should adopt additional procedures in the customer due diligence process as well as on-going monitoring of accounts in relation to customers from Ukraine. Details of these additional procedures are set out in Annex 2. You may wish to refer also to my letter of 11 December 2001 advising on the application of counter-measures to Nauru. In this regard the same set of counter-measures described herein should apply to Nauru and Ukraine from now on.

The opportunity is also taken to remind authorized institutions to include the subject of NCCTs in their staff training programme in relation to the prevention of money laundering. Special emphasis should be put on Nauru and Ukraine. References can be drawn from the respective websites of the FATF, the Narcotics Division of the Security Bureau and the Joint Financial Intelligence Unit.

Yours faithfully,

Raymond Li
Executive Director (Banking Development)

Encl.
Annex 1 (PDF file, 84KB)
Annex 2 (MS Word, 30KB)
Last revision date: 1 August 2011
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