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The Financial Action Task Force (FATF) has issued its latest public statement on high-risk jurisdictions and countries under increased monitoring. The statement calls on member countries and other jurisdictions to apply enhanced due diligence measures for certain high-risk countries while ensuring that humanitarian aid, legitimate non-profit activities, and remittances are not disrupted.
High-Risk Jurisdictions:
FATF reaffirmed its February 2020 statements regarding Democratic People’s Republic of Korea (DPRK) and Iran. Additionally, Myanmar remains on the list of high-risk jurisdictions subject to a call for action, following its inclusion in October 2022.
Jurisdictions Under Increased Monitoring:
FATF identified 21 jurisdictions previously under increased monitoring due to strategic deficiencies in anti-money laundering (AML) and combating the financing of terrorism (CFT). These include Albania, Barbados, Burkina Faso, Cayman Islands, Democratic Republic of the Congo, Gibraltar, Haiti, Jamaica, Jordan, Mali, Mozambique, Nigeria, Panama, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Türkiye, Uganda, United Arab Emirates, and Yemen. In this June 2023 update, Cameroon, Croatia, and Vietnam have been added to the list. The FATF plenary emphasized that while enhanced due diligence is required, regulated entities can continue legitimate trade and business transactions with these countries.
About FATF:
Established in 1989, the Financial Action Task Force is an inter-governmental body that sets international standards to combat money laundering, terrorist financing, and related threats to the financial system. FATF monitors member compliance, evaluates risks, and provides guidance to strengthen the global financial system.
[RBI]