Thursday, March 19, 2015

FATF Public Statement

The Financial Action Task Force (‘FATF’) has issued a statement highlighting the strategic deficiencies in the anti-money laundering/combating the financing of terrorism ('AML/CFT') regimes of two groups of jurisdictions:

  • The Democratic People’s Republic of Korea ('DPRK') and Iran have not shown sufficient commitment to address their serious AML/CFT deficiencies.
  • Algeria, Ecuador, and Myanmar have not yet made sufficient progress in addressing their strategic deficiencies.

Financial institutions are advised to take the appropriate action and due diligence measures as recommended by the FATF with respect to the named jurisdictions.

A point worth nothing is that Indonesia has been moved to the FATF’s 'improving' list of countries who have addressed AML/CFT failings.

More information can be found on the FATF website.

No comments:

Post a Comment