FATF Updates List of AML/CFT Deficient Jurisdictions

The Financial Action Task Force ("FATF") updated the list of jurisdictions with AML/CFT deficiencies. In a release, FinCEN urged financial institutions to assess their involvement with the identified jurisdictions when reviewing their risk-based policies and procedures.

The FATF identified the following jurisdictions placed under increased monitoring: Albania, Barbados, Burkina Faso, Cameroon, Cayman Islands, Croatia, Democratic Republic of Congo, Gibraltar, Jamaica, Jordan, Mali, Mozambique, Panama, Philippines, Senegal, South Africa, South Sudan, Türkiye, UAE, Uganda, Vietnam, Haiti, Nigeria, Syria, Tanzania and Yemen. The FATF stated that the jurisdictions on the "grey list" are working to address identified deficiencies and are committed to resolving them within an agreed upon timeframe. The FATF added Cameroon, Croatia and Vietnam to its grey list this year and removed no countries.

Separately, the FATF highlighted its findings on "high-risk jurisdictions," including North Korea, Iran and Myanmar. These "black list" jurisdictions were unchanged since 2020. The FATF called on members to increase due diligence and, with respect to North Korea and Iran, to apply counter-measures aimed at protecting the international financial system from money laundering. The FATF stated that it remains concerned with North Korea’s illicit activities concerning the proliferation of weapons of mass destruction. The FATF stated that action plans to address strategic deficiencies for Iran and Myanmar expired.