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Offshore financial centers, which have become synonymous with banking secrecy and tax evasion, were highlighted as a particular problem by FATF. In a report dated February 14, 2000, FATF stated: "In today's open and global financial world, characterized by a high mobility of funds and the rapid development of new payment technologies, the tools for laundering the proceeds of serious crimes as well as the means for anonymous protection of illegal assets in certain countries or territories make them even more attractive for money laundering. Existing anti-money laundering laws are undermined by the lack of regulation and essentially by the numerous obstacles on customer identification, in certain countries and territories, notably offshore financial centres."
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