The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. The FATF engages in an ongoing process to monitor jurisdictions that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. The Financial Intelligence Centre (FIC) recently published a statement from the FATF on jurisdictions under increased monitoring for June 2022.
When the FATF places a jurisdiction under increased monitoring, it means that jurisdiction has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring by the FATF.
The jurisdictions that are under increased monitoring are Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates and Yemen. In the same statement the FATF welcomed the progress made by Malta in strengthening the effectiveness of its respective regime to counter money laundering, terrorist financing and proliferation financing, and confirmed that Malta is no longer subject to its monitoring.
Accountable institutions that have dealings with any of these jurisdictions that are under increased monitoring are advised to take this information into consideration and where necessary, review the money laundering and terrorist financing risks to which they are exposed and update their Risk Management and Compliance Programme accordingly.
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