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.
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.
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