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FATF Reviews Progress on Jurisdictions with AML/CFT Deficiencies

The Financial Action Task Force ("FATF") reviewed the progress of certain jurisdictions that committed to addressing anti-money laundering and combating the financing of terrorism ("AML/CFT") deficiencies.

The FATF identified the Bahamas, Botswana, Ethiopia, Ghana, Pakistan, Serbia, Sri Lanka, Syria, Tunisia, Yemen, and Trinidad and Tobago as jurisdictions that have made "high-level political commitments" to address their AML/CFT deficiencies. The political commitments include an action plan for each jurisdiction to strengthen its compliance with the FATF standards.

In addition, the FATF continued to call for (i) countermeasures against the Democratic People's Republic of Korea and (ii) enhanced due diligence with respect to Iran. Neither of these classifications represents a change in status from recent FATF public statements.

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