Repairing legitimacy after blacklisting by the Financial Action Task Force

Describes how the Financial Action Task Force (FATF) has blacklisted countries which it believes provide laws and practices conducive to money laundering; this blacklisting queries the legitimacy of the country or jurisdiction and its right to conduct financial business in the global environment. Shows how countries react to this challenge and regain legitimacy, and lists the countries concerned according to how quickly they were removed from the blacklist. Concludes that the countries which responded quickest to blacklisting were the wealthiest ones with large service and financial sectors; they were already more likely to be in an anti‐money laundering organisation and to be less corrupt than others in the blacklisted sector.