Share This Page

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

September 24, 2018 / Source: FinCEN


September 21, 2018

Advisory on the FATF-Identified Jurisdictions with AML/CFT

Deficiencies On June 29, 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.

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 are named in two documents: (1) the “FATF Public Statement,” which identifies 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 identifies jurisdictions that the FATF has determined to have strategic AML/CFT deficiencies.2On June 29, 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

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, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Yemen
  • Added to list: Pakistan
  • Removed from list: Iraq, Vanuatu 

Read More