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UKRAINE PRAISED FOR MONEY RULES

PARIS: The international body leading a campaign against money laundering said Friday that it would stop applying restrictions on business with Ukraine, but recommended its members implement sanctions against the Philippines.

The Financial Action Task Force, a watchdog set up by the Group of Seven industrialized nations and the Organization for Economic Cooperation and Development, said it had made the decision about Ukraine after its government pledged to enact measures to crack down on money laundering.

Ukraine will remain on a money-laundering blacklist until it implements the new legislation, which was approved by the country’s Parliament this month, the task force said.

“This is a significant success for the FATF and Ukraine in the fight against money laundering,” the task force’s president, Jochen Sanio said in a statement.

In Kiev, Finance Minister Mykola Azarov said Ukraine planned to be off the task force’s blacklist by December, after spending the year refining and implementing laws to combat money laundering.

The body said it was recommending that its 29 members introduce restrictions on business with the Philippines because the government had failed to introduce measures to combat flaws in its ability to prevent money laundering.

The restrictions will begin March 15 if the government in the Philippines fails to act, the task force said.

Those countries and territories still remaining on the blacklist were the Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, the Philippines, St. Vincent and Ukraine.

THE INTERNATIONAL HERALD TRIBUNE, Feb. 17, 2003