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The Financial Action Task Force (FATF) has released its latest public statements on high-risk jurisdictions and jurisdictions under increased monitoring, following its plenary meeting on February 23, 2024. The updates aim to guide member countries and other jurisdictions on implementing appropriate measures to combat money laundering, terrorist financing, and proliferation financing.
The statement on the Democratic People’s Republic of Korea (DPRK) and Iran, originally adopted in February 2020, remains in effect. Myanmar continues to be classified as a high-risk jurisdiction subject to a call for action, requiring enhanced due diligence measures. FATF emphasized that these measures should not disrupt legitimate humanitarian aid, NPO activities, or remittances.
In the list of jurisdictions under increased monitoring, Kenya and Namibia have been newly added. Meanwhile, Barbados, Gibraltar, Uganda, and the UAE have been removed based on FATF’s review. Other countries currently under increased monitoring include Bulgaria, Burkina Faso, Cameroon, Democratic Republic of the Congo, Croatia, Haiti, Jamaica, Mali, Mozambique, Nigeria, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Türkiye, Vietnam, and Yemen.
FATF clarified that its designation of jurisdictions does not preclude legitimate trade or business transactions with the listed countries. These updates are part of FATF’s ongoing efforts to identify strategic deficiencies in national anti-money laundering (AML) and combating the financing of terrorism (CFT) frameworks, and to assist jurisdictions in addressing them.
Detailed information on the updated statements and documents can be accessed at:
FATF Plenary Outcomes – February 2024
Increased Monitoring – February 2024
High-Risk Jurisdictions – Call for Action – February 2024
About FATF:
The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 to set standards and promote effective implementation of measures for combating money laundering, terrorist financing, and other threats to the international financial system. FATF monitors the progress of member jurisdictions, reviews techniques and counter-measures, and promotes global adoption of best practices.
[RBI]