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The FATF actualised its “black list” and its “grey list”

The FATF actualised its “black list” and its “grey list”

The Financial Action Task Force (FATF) is an international body that develops and promotes measures to combat money laundering, terrorism and proliferation financing. Switzerland is one of the FATF member countries. Based on the findings of the FATF’s International Co-operation Review Group (ICRG), the FATF’s second plenary meeting under the Chinese FATF Presidency announced the actualised list of high-risk countries and the list of other countries under increased monitoring, an event that occurs three times a year.

High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks emanating from the country. This list is often externally referred to as the “black list”. Currently the Democratic People’s Republic of Korea (DPRK) and Iran are considered to have jurisdictions with significant strategic deficiencies.

Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”. The following countries are considered to have jurisdictions with strategic deficiencies: Albania, the Bahamas, Barbados, Botswana, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen and Zimbabwe. Meanwhile, Trinidad and Tobago’s jurisdiction is no longer subject to monitoring.

Find the lists and further information here:

http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/call-for-action-february-2020.html

http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-february-2020.html

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