The FATF updated its statements on high-risk and non-cooperative jurisdictions at its plenary meeting held in February 2018. For more information, please consult:
The Financial Action Task Force (FATF) is an international body whose purpose is to develop and promote measures to combat money laundering, terrorist and proliferation financing. Switzerland also is a FATF member. Based on the results provided by the FATF’s International Co-operation Review Group (ICRG), high-risk and non-cooperative jurisdictions may be publicly identified in one of two documents published by FATF on three occasions throughout the year.
FATF’s Public Statement
The public document, the FATF’s Public Statement, identifies:
- countries or jurisdictions with such serious strategic deficiencies that the FATF calls on its members and non-members to apply countermeasures;
- countries or jurisdictions for which the FATF calls on its members to apply enhanced due diligence measures proportionate to the risks arising from the deficiencies associated with the country.
Improving global AML/CFT compliance: on-going process
The statement “Improving global AML/CFT compliance: on-going process” identifies countries or jurisdictions with strategic weaknesses in their AML/CFT measures which nonetheless have provided a high-level commitment to an action plan developed with the FATF. The situation differs from country to country with each country presenting varying degrees of risk for AML/CFT. The FATF encourages its members to consider the strategic deficiencies identified for these jurisdictions. If a country fails to make sufficient or timely progress, the FATF can decide to increase its pressure on the country to make meaningful progress by moving it to the Public Statement.
Account to be taken of the FATF statements
FINMA calls on all financial intermediaries to take the FATF information into account in their risk management strategies. It also requests recognised self-regulatory organisations to inform their members.