The Financial Action Task Force recently issued a warning highlighting the growing financial connectivity of North Korea with the international financial system, and the serious threats this connectivity poses. FATF also updated its list of jurisdictions with strategic anti-money laundering, countering the financing of terrorism and countering the financing of proliferation of weapons of mass destruction deficiencies, added Monaco and Venezuela to its list of “Jurisdictions Under Increased Monitoring” and also removed Jamaica and Türkiye from the list, according to the Financial Crimes Enforcement Network.
FATF’s list of “High-Risk Jurisdictions Subject to a Call for Action” remains the same, with Iran, North Korea and Burma subject to calls for action. Iran and North Korea are still subject to the FATF’s countermeasures, while Burma is still subject to enhanced due diligence, but not countermeasures. Russia remains suspended from FATF membership. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures and practices, FinCEN said.
