Financial Action Task Force (FATF) Update 'High-risk and other monitored jurisdictions'

If it isn’t on your radar, please be aware that the Financial Action Task Force (FATF) 'High-risk and other monitored jurisdictions' list was recently updated. In view of these changes, now would be the perfect time for your team to review your businesses anti-money laundering risk assessments. You also need to remember to update your policies to reflect how it affects the business carried out with individuals or businesses based in these jurisdictions.

Jurisdictions subject to the ‘call to action’ by the Financial Action Task Force (FATF) are listed as having significant strategic deficiencies in their anti-money laundering regimes. This is a higher risk than those who are subject to increased monitoring and should be reflected in the actions carried out during business operations. Having an internal audit process in place is a good way to test and measure the effectiveness of governance the business has put in place.

You can always find the most up to date list on the FATF website by searching for 'high-risk and other monitored jurisdictions'.

New jurisdictions subject to increased monitoring include:

• Democratic Republic of the Congo

• Mozambique

• Tanzania

New jurisdictions subject to a FATF call to action include:

• Myanmar

Jurisdictions no longer subject to increased monitoring include:

• Nicaragua

• Pakistan