FinCEN Updates Jurisdictions on FATF AML/CFT Deficiencies List

FinCEN updated its list of Financial Action Task Force identified jurisdictions found to have strategic AML/CFT deficiencies.

The following changes were made to the "Jurisdictions under Increased Monitoring" list:

  • Kenya and Namibia were added to the list after a determination that there is a lack of effective implementation of the countries' AML/CFT frameworks. However, FinCEN stated that these countries have made "high-level political commitments" to strengthen their AML/CFT regimes; and
  • Barbados, Gibraltar, Uganda and the United Arab Emirates were removed from the list after a determination that the jurisdictions have implemented reforms to their AML/CFT regimes.

The countries that remain on the list are Bulgaria, Burkina Faso, Cameroon, Democratic Republic of the Congo, Croatia, Haiti, Jamaica, Kenya, Mali, Mozambique, Namibia, Nigeria, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Türkiye, Vietnam and Yemen.

FinCEN confirmed that the FATF's February 2024 statement, "High-Risk Jurisdictions Subject to a Call for Action," which called for enhanced due diligence and countermeasures with respect to Iran, the Democratic People's Republic of Korea and Burma, remains in effect (Burma is subject to the application of enhanced due diligence, but not countermeasures.)

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