FATF Publication on Global ML/TF Risk - October 2024

FATF Publication on Global ML/TF Risk

The Financial Action Task Force (FATF) is the global standard-setting body for anti-money laundering, countering financing of terrorism and proliferation financing (AML/CFT/CPF). 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, financing of terrorism and proliferation (ML/TF/PF) as well as to promote greater compliance with AML/CFT/CPF 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 2024

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. Algeria, Angola, Côte d’Ivoire and Lebanon have been added to the list of jurisdictions subject to increased monitoring.

FATF Jurisdictions under Increased Monitoring - October 2024

Jurisdictions no Longer under Increased Monitoring

Senegal is no longer under the list of jurisdictions under increased monitoring. They have made significant progress in addressing the strategic AML/CFT/CPF deficiencies previously identified during their mutual evaluations. Senegal has completed its Action Plans to resolve the identified strategic deficiencies within agreed timeframes. The country will no longer be subject to FATF’s increased monitoring process.

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