March 21. 2016: FATF issues Advisory on FATF Deficient Jurisdictions

 

When FATF updates its lists of Deficient Jurisdictions, FinCEN issues an advisory to inform regulated firms of the changes in those lists, as well as to remind them of FinCEN’s guidance with regards to these lists. 

Some excerpts of the changes:

Jurisdictions that are subject to the FATF’s call for countermeasures or are subject to EDD due to their AML/CFT deficiencies

(Currently listed – Iran and Democratic People’s Republic of Korea (DPRK)) 

The FATF has recognized that Myanmar (Burma) has made progress in substantially addressing its FATF action plan at a technical level. Consequently, the FATF has removed Myanmar (Burma) from the FATF Public Statement and now includes this jurisdiction in its Improving Global AML/CFT Compliance: on-going process (see Section II below). 

 

Jurisdictions identified by the FATF as having AML/CFT deficiencies 

(Currently listed – Afghanistan, Bosnia and Herzegovina, Guyana, Iraq, Lao PDR, Myanmar (Burma), Papua New Guinea, Syria, Uganda, Vanuatu, and Yemen) 

Algeria, Angola, and Panama have been removed from the FATF listing and monitoring process due to their signi cant progress in establishing the legal and regulatory framework to address all or nearly all their strategic AML/CFT de ciencies on a technical level. These jurisdictions will work with their respective FATF-Style Regional Bodies as they continue to address the full range of AML/CFT issues identi ed as part of the mutual evaluation process.

Myanmar (Burma) has made progress in substantially addressing its FATF action plan at a technical level and is now identi ed on this list, having been removed from the FATF Public Statement (see Section I above). 

Vanuatu has been identi ed and added to this list because of strategic de ciencies in its AML/ CFT regime. In response to these results, Vanuatu has made a high-level political commitment to work with the FATF and its respective FATF-Style Regional Body to address its strategic AML/CFT de ciencies.

 

Link:

FinCEN Advisory

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