Which ship registers are currently considered by the ITF to be flags of convenience?

At 30 January 2013: Antigua and Barbuda; Bahamas; Barbados; Belize; Bermuda (UK); Bolivia; Burma/Myanmar; Cambodia; Cayman Islands (UK); Comoros; Cyprus; Equatorial Guinea; Faeroe Islands (FAS); French International Ship Register (FIS); German International Ship Register (GIS); Georgia; Gibraltar (UK); Honduras; Jamaica; Lebanon; Liberia; Malta; Marshall Islands (USA); Mauritius; Moldova; Mongolia; Netherlands Antilles; North Korea; Panama; Sao Tome and Principe; Sri Lanka; St Vincent; Tonga; and Vanuatu (34 registers).Β 

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What are the advantages of registering under a flag of convenience?

Who decides which registers are to be called flags of convenience, or FOCs?