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Yesterday’s News: MAS Publicizes June 21 FATF Statement

As FinCEN and OSFI have done, the Monetary Authority of Singapore Issued the following statement on its website:

4 July 2013 FATF Statement

On 21 June 2013, the Financial Action Task Force (FATF), of which Singapore is a member, issued an updated statement that highlighted the strategic deficiencies in the anti-money laundering/combating the financing of terrorism (AML/CFT) regimes of 2 groups of jurisdictions:

– Democratic People’s Republic of Korea (DPRK) and Iran which have shown no commitment to address their AML/CFT deficiencies.

– Jurisdictions such as Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Pakistan, Sao Tome and Principe, Syria, Tanzania, Turkey, Vietnam and Yemen, which have not made sufficient progress in addressing their strategic deficiencies.

Details of the FATF statement can be found at:

http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/public-statement-june-2013.html

Financial institutions are advised to accord due consideration to the above FATF statement and take the appropriate action(s) as recommended by the FATF with respect to the named jurisdictions.

Separately, FATF has issued an updated statement on its on-going process to improve global AML/CFT compliance. This statement provides information on a list of jurisdictions that have committed to action plans to address and strengthen their respective AML/CFT deficiencies. The second FATF statement can be found at:

http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/compliance-june-2013.html

Link:

MAS Notice

 

Categories: Anti-Money Laundering FATF MAS Updates

eric9to5

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