The Financial Action Task Force has updated its lists of jurisdictions with strategic deficiencies in countering anti-money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, the Financial Crimes Enforcement Network announced today. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures and practices, the agency said.
On Oct. 30, FATF removed Bulgaria, Cote d’Ivoire, Democratic Republic of the Congo, and Monaco from its list of Jurisdictions Under Increased Monitoring, according to FinCEN. The list of High-Risk Jurisdictions Subject to a Call for Action remains the same, with Iran, the North Korea and Burma subject to calls for action.
Specifically, FATF continues to call on jurisdictions to apply effective countermeasures on Iran, including four specific countermeasures. FATF also continues to call on jurisdictions to impose effective countermeasures on North Korea. Burma remains subject to the application of enhanced due diligence, but not countermeasures.
