The Financial Action Task Force has updated its lists of jurisdictions with strategic deficiencies in countering anti-money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, the Financial Crimes Enforcement Network announced today. FATF identified several new jurisdictions as subject to increased monitoring. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures and practices, the agency said.
The FATF added Algeria, Angola, Côte d’Ivoire and Lebanon to its list of Jurisdictions Under Increased Monitoring. It removed Senegal from the list.
The 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 the application of enhanced due diligence, but not countermeasures.
