Russia on financial crime blacklist

PARIS -- An international task force battling money laundering withdrew its threat of sanctions against Russia on Friday, but kept it on the blacklist of nations not cooperating in the fight against the illegal practice.

The Financial Action Task Force ended a closed three-day meeting by adding Ukraine and Grenada to its blacklist, which now numbers 19 nations or territories.

New legislation in Russia requiring banks to report big transactions by their clients prompted the task force to lift its threat of sanctions, said Clarie Lo, head of the group. Lo said Russia must now effectively implement the legislation before it can be removed from the blacklist.

The announcements came at the end of the conference at the headquarters of the Organization for Economic Cooperation and Development to assess efforts by blacklisted countries to adopt tougher rules against money laundering.

No country or territory was removed from the blacklist, but Grenada and Ukraine were added.

The task force drew up the blacklist in June 2000.