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 yesterday. 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.
On June 13, FATF added the British Virgin Islands and Bolivia to its list of jurisdictions under increased monitoring and removed Croatia, Mali and Tanzania.
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. Specifically, FATF continues to call on jurisdictions to apply countermeasures on Iran and North Korea. Burma remains subject to the application of enhanced due diligence, but not countermeasures.
