FATF Publication on Global ML/TF Risk - October 2023

FATF Publication on Global ML/TF Risk

The Financial Action Task Force (FATF) is the global standard-setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). The FATF identifies jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system. The purpose of this is to safeguard it from risks associated with money laundering and the financing of terrorism (ML/TF) as well as to promote greater compliance with AML/CFT standards.

High-Risk Jurisdictions Subject to a Call for Action

FATF identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing. The call for action for Democratic People’s Republic of Korea, Iran and Myanmar remains in effect. 

FATF High-Risk Jurisdictions Subject to a Call for Action - October 2023

Jurisdictions under Increased Monitoring

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it indicates that the country has committed to taking prompt action to address any identified strategic weaknesses within predetermined deadlines. Bulgaria has been added to the list of jurisdictions subject to increased monitoring.

FATF Jurisdictions under Increased Monitoring - October 2023

Jurisdictions no Longer under Increased Monitoring

Albania, the Cayman Islands, Jordan and Panama are no longer under the list of jurisdictions under increased monitoring. They have made significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF’s increased monitoring process.

Reporting institutions should remain aware of jurisdictions with elevated risks of money laundering or terrorism financing. This information should be used as a guide for ML/TF risk assessments, compliance programs and to support decisions to report suspicious transactions to Labuan FSA.

30 October 2023

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