There are now just three countries still on the unco-operative list: Andorra, Liechtenstein and Monaco. But the FATF list is likely to be overshadowed by moves by the group of 20 big industrialised and emerging economies to crack down on offshore centres. The group, which comprises 19 of the world’s biggest economies and the European Union, is expected to announce plans to take a much tougher stance on “secrecy jurisdictions” in April.
Observers believe the G20 will be looking to oblige non-compliant, smaller jurisdictions to meet new international standards of transparency and co-operation.
Wary of all the pressure on them, offshore centres are responding with a mixture of agreeing to improve their transparency and defending their efforts to make improvements.
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