FATF ongoing process to improve global AML/CFT compliance – June 2019
Publish date: 12 July 2019
Issue Number: 80
Diary: CompliNEWS
Category: AML
The Financial Action Task Force (FATF) engages in an on-going process with jurisdictions that have deficiencies in their measures against money laundering and terrorist financing and have developed action plans with the FATF to address these. In a statement issued by the Financial Action Task Force (FATF) on 21 June 2019, it updated the information relating to the jurisdictions in this process. These jurisdictions are the Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
The nature of the deficiencies differs among these jurisdictions. Each of these jurisdictions has developed an action plan to address these deficiencies, has indicated high-level political commitment to address them and has made greater or lesser progress towards finalising these actions.
The FATF and the FATF-style regional bodies will continue to work with the jurisdictions noted in this document and regularly report on the progress made in addressing the identified deficiencies.
The Financial Intelligence Centre (FIC) advises accountable institutions to take this statement into account when determining the factors relating to each of the jurisdictions mentioned, that may be indicative of money laundering and terrorist financing risks.
In the same statement the FATF also welcomes the progress Serbia has made in strengthening the effectiveness of its regime against money laundering and terrorist financing, and confirms that it is no longer subject to the FATF’s ongoing global monitoring process.
