FATF-OCTOBER-28-2011

From Sanctions Wiki

28 October 2011 – The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from ML/FT risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

As part of its ongoing review of compliance with the AML/CFT standards, the FATF has identified that this jurisdictions ({{{1}}}) has {{{2}}} AML/CFT deficiencies for which it has developed an action plan with the FATF.

NOTE-1: Strategic deficiencies require Enhanced Due Diligence

NOTE-2: FATF members and other jurisdictions should apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions Iran and North Korea.

The FATF and the FSRBs will continue to work with this jurisdiction and to report on the progress made in addressing the identified deficiencies. The FATF calls on the jurisdiction to complete the implementation of action plans expeditiously and within the proposed time frames. All member states should treat this jurisdiction ({{{1}}}) with vigilance FATF Public Statement – October 28, 2011

US FinCen – AML/CFT Deficiencies Warning List

November 15, 2011 – FinCen adopted the Financial Action Task Force Public Statement on Anti-Money Laundering and Counter-Terrorist Financing Risks and FinCen provided guidance on the subject. More detailed information FIN-2011-A014 and FIN-2011-A015

Singapore MAS – AML/CFT Deficiencies Warning List

On 28 Oct 2011, the Financial Action Task Force (FATF), of which Singapore is a member, issued an updated statement that highlighted the strategic deficiencies in the anti-money laundering/combating the financing of terrorism (AML/CFT) regimes of Nigeria and Sao Tome & Principe, in addition to the previously announced regimes of Bolivia, Cuba, Democratic People’s Republic of Korea (DPRK), Ethiopia, Iran, Kenya, Myanmar, Sri Lanka, Syria and Turkey. The text of the FATF statement can be found at: FATF Statement

Financial institutions are advised to accord due consideration to the above FATF statement and take the appropriate action(s) as recommended by the FATF with respect to the named jurisdictions.

Separately, FATF has issued an updated statement on its on-going process to improve global AML/CFT compliance. This statement provides information on a list of jurisdictions that have committed to action plans to address and strengthen their respective AML/CFT deficiencies. The second FATF statement can be found at: FATF Statement

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