April 27, 2018: FinCEN issues advisory related to FATF’s latest

On April 27th, FinCEN issued an advisory recapping the latest list of jurisidctions with deficient AML/CTF infrastructure published by FATF, as well as the relevant US regulations (both AML and OFAC sanctions-related) for each of them. Here is the first page, which provides a good introduction to what’s in the 10-page advisory:

Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

As part of the FATF’s listing and monitoring process to ensure compliance with its international AML/CFT standards, the FATF identifies certain jurisdictions as having strategic deficiencies in their AML/CFT regimes.1 These jurisdictions appear in two documents: (1) the “FATF Public Statement,” which includes jurisdictions that are subject to the FATF’s call for countermeasures and/or are subject to enhanced due diligence (EDD) due to their strategic AML/CFT deficiencies, and (2) “Improving Global AML/CFT Compliance: On-going Process,” which includes jurisdictions identified by the FATF as having strategic AML/CFT deficiencies.2 On February 23, 2018, the FATF updated both documents with the concurrence of the United States. Financial institutions should consider these changes when reviewing their obligations and risk-based policies, procedures, and practices with respect to the jurisdictions noted below.3

 On February 23, 2018, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies. The changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions.

    FATF “Public Statement”:

• Democratic People’s Republic of Korea (DPRK) and Iran

FATF “Improving Global AML/CFT Compliance: On-going Process”:

• Remaining on list: Ethiopia, Iraq, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu, and Yemen

• Added to list: Serbia

• Removed from list: Bosnia and Herzegovina

            

Link:

FinCEN Advisory

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