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The Financial Action Task Force (“FATF”), the global standard-setting body for anti-money laundering and combating the financing of terrorism (“AML/CFT”), published the following on 4 March 2022:
1. FATF Statement on High-Risk Jurisdictions subject to a Call for Action The FATF calls on its members and urges all jurisdictions,
i. to give special attention to business relationships and transactions with the DPRK, including DPRK companies, Financial Institutions and those acting on their behalves. ii. to apply effective counter-measures, which we hereby do, and advise you to apply enhanced due diligence measures, including obtaining information on the reasons for intended transactions, business relationships and transactions with natural and legal persons from Iran; conducting enhanced monitoring of business relationships, by increasing the number and timing of controls applied, and selecting patterns of transactions that need further examination.
2. Jurisdictions under Increased Monitoring
As part of its ongoing review of compliance with the AML/CFT standards, FATF identified 23 jurisdictions :
Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, the United Arab Emirates and Yemen) with strategic AML/CFT deficiencies.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.
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