Haiti, Malta, Philippines and South Sudan have been added to the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring the task force announced at the end of its plenary session on 25 June. Ghana is the only country to be removed from the list, often referred to as the grey list.
Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Uganda, and Zimbabwe remain on the list of countries with deficiencies in their anti-money laundering and counter financing of terrorism (AML/CFT) frameworks.
Haiti and financial institutions
One of Haiti’s deficiencies is a lack of risk-based AML/CFT supervision for all financial institutions, as well as designated non-financial business and professions (DNFBPs).
Haiti also needs to ensure that basic beneficial ownership information is maintained and accessible in a timely manner and ensure better use of financial intelligence and other relevant information by for combatting money laundering and terrorist financing.
Malta and risk-based strengthening
Malta needs to strengthen its risk-based approach to financial institutions and DNFBP supervision, improve analytical processes for financial intelligence and resource the police and empower prosecutors to investigate and charge complex money laundering in line with its risk profile.
Other measures Malta needs to take include improving its mechanisms for obtaining accurate and up-to-date beneficial ownership information and enhancing the use of financial intelligence to support authorities pursuing criminal tax and related money laundering cases.
Casino concerns in the Philippines
The Philippines needs to demonstrate effective risk-based supervision of DNFBPs and that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets amongst other things.
It also needs to enhance local authority access to beneficial ownership information and take steps to ensure that this information is accurate and up-to-date.
International support for South Sudan
South Sudan has agreed to work with the FATF to strengthen the effectiveness of its AML/CFT regime in several areas.
Work supported by international partners providing technical assistance amongst other things will include conducting a comprehensive review of its AML/CFT legislation to comply with the FATF standards.
South Sudan will also structure competent authorities to implement a risk-based approach to AML/CFT supervision for financial institutions.
Ghana’s significant progress
The FATF congratulated Ghana for the significant progress it has made in addressing the strategic AML/CFT deficiencies identified earlier by the task force.
Ghana will no longer be subject to the FATF’s increased monitoring process.
More details of FATF’s concerns in jurisdictions under increased monitoring can be found here.
Categories: Trade Based Financial crimes News
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