ABSTRACT
In the aftermath of 11 September 2001, there has been growing attention paid to the role of Non-Cooperative Countries and Territories (NCCTs) in money laundering and terrorist financing. 2 NCCTs do not meet the criteria consistent with the Forty Recommendations of the Financial Action Task Force on Money Laundering ([FATFJ 2003). 3 Policy makers concentrate their attention on the possibility that NCCTs might facilitate the task of terrorists as well as criminal organisations (such money is referred to as black money, as it is not reported to government). Since 1989, the G7/8 countries have expressed the general commitment to define a strategy to combat black money (see Table 11-1); in October 2001, the G7 finance ministers explicitly stressed the urgency to develop a process to identify jurisdictions that facilitate black money and to recommend actions to achieve from such countries.
