FATF updates list of jurisdictions with AML and CFT deficiencies

The Financial Action Task Force (FATF) has updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) regimes.

Indonesia has been removed from FATF’s list that calls for enhanced due diligence and has been moved to the task force’s list of jurisdictions having AML/CFT deficiencies.

Countries removed
Albania, Cambodia, Kuwait, Namibia, Nicaragua, Pakistan and Zimbabwe have been removed from the FATF listing and monitoring process.

These changes may affect financial institutions’ obligations and risk-based approaches with respect to these jurisdictions.

Significant progress
According to a FATF statement, these countries have been removed due to their significant progress in establishing the legal and regulatory frameworks to address all or nearly all of their strategic technical AML/CFT deficiencies on a technical level.

These jurisdictions will now work with their respective FATF-style regional bodies as they continue to address the full range of AML/CFT issues identified as part of the mutual evaluation process.

An advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies is available here.



Categories: Trade Based Financial crimes News

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s