WASHINGTON—The Financial Action Task Force (FATF) has updated its list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies.
“The changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions,” said the Financial Crimes Enforcement Network (FinCEN), which issued an advisory to inform financial institutions of updates to the list.
“Financial institutions should be aware of these changes, which may affect their obligations and risk-based approaches with respect to these jurisdictions,” FinCEN said.
The advisory also reminds financial institutions of the status of, and obligations involving, these jurisdictions, in particular the Democratic People’s Republic of Korea (DPRK) and Iran. As part of the FATF’s listing and monitoring process to ensure compliance with its international AML/CFT standards, the FATF identifies certain jurisdictions as having strategic deficiencies in their AML/CFT regimes.
High-Risk Jurisdictions subject to a call for action, specifically countermeasures:
- DPRK
- Iran
Jurisdictions under increased monitoring:
- The Bahamas
- Botswana
- Cambodia
- Ghana
- Iceland
- Pakistan
- Panama
- Mongolia
- Syria
- Yemen
- Zimbabwe
Added to list:
- Albania
- Barbados
- Burma (Myanmar)
- Jamaica
- Nicaragua
- Mauritius
- Uganda