Non-Cooperative Countries and Territories (NCCT)
NCCT (from Non-Cooperative Countries and Territories) is a term used to describe non-cooperative countries and territories identified by the Financial Action Task Force (FATF – the global intergovernmental AML watchdog) as having deficiencies in their AML systems. The term uncooperative means that countries and territories are not engaging in international cooperation to combat financial crimes and promote transparency for anti-money laundering (AML).
NCCT FATF list of non-cooperative countries
February 14, 2000 the FATF published a preliminary report on the NCCT. It identified twenty-five criteria to help identify countries and territories that do not engage in international AML cooperation. Since then FATF regularly updates the blacklist, adding or removing countries and regions.
The main goal of the Non-Cooperative Territories and Countries (NCCT) initiative was to reduce the financial system’s vulnerability to money laundering. This involves implementing measures to prevent, detect, and punish fraud by international standards.
NCCT list – FATF non cooperative countries
Currently (as of 2022) on the NCCT list are North Korea, Iran, and Myanmar. Detailed information on the NCCT can be found on the FATF website at www.fatf-gafi.org.
New FATF guidelines
At the end of 2021, updated FATF guidance on a risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs) was published.