The Financial Action Task Force (FATF), vide public doc ‘High-Risk Jurisdictions subject to a Call for Action’ – October 21, 2022, has known as on its members and different jurisdictions to confer with the assertion on Democratic People’s Republic of Korea (DPRK) and Iran adopted in February 2020 which stays in impact. Further, Myanmar has been added to the checklist of High-Risk Jurisdictions topic to a Call for Action within the October 2022 FATF plenary. In this regard, FATF has known as on its members and different jurisdictions to use enhanced due diligence measures proportionate to the danger arising from Myanmar. When making use of enhanced due diligence measures, nations have been suggested to make sure that flows of funds for humanitarian help, respectable NPO exercise and remittances will not be disrupted.
FATF had earlier recognized the next jurisdictions as having strategic deficiencies and below Increased Monitoring, which had developed motion plan with the FATF to take care of them. These jurisdictions are: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Türkiye, Uganda, United Arab Emirates and Yemen. As per the October 21, 2022 FATF public assertion, Democratic Republic of the Congo, Mozambique and Tanzania have now been added to this checklist of Jurisdictions below Increased Monitoring whereas Nicaragua and Pakistan have been faraway from this checklist primarily based on evaluate by the FATF.
FATF plenary releases paperwork titled “High-Risk jurisdictions subject to a Call for Action” and “Jurisdictions under Increased Monitoring” with respect to jurisdictions which have strategic AML/CFT deficiencies as half of the continued efforts to establish and work with jurisdictions with strategic Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) deficiencies. Such recommendation doesn’t preclude the regulated entities from respectable commerce and business transactions with the nations and jurisdictions talked about there.
The detailed info is out there within the up to date public statements and doc launched by FATF on October 21, 2022. The statements and doc may be accessed on the following URL:
-
https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/call-for-action-october-2022.html
-
https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-october-2022.html
About FATF
The Financial Action Task Force (FATF) is an inter-governmental physique established in 1989 by the Ministers of its Member jurisdictions. The goals of the FATF are to set requirements and promote efficient implementation of authorized, regulatory and operational measures for combating cash laundering, terrorist financing and different associated threats to the integrity of the worldwide monetary system. The FATF screens the progress of its members in implementing crucial measures, evaluations cash laundering and terrorist financing methods and counter-measures, and promotes the adoption and implementation of applicable measures globally. The FATF’s resolution making physique, the FATF Plenary, meets thrice a yr and updates these statements, which can be famous.
Rupambara
Director (Communications)
Press Release: 2022-2023/1101
