10 High-Risk Jurisdictions for Money Laundering According to FATF Richard Marley January 17, 2022 7 minutes read 7862 2021 FATF Recommendations 1. The decision followed shortly after the Financial Action Task Force (FATF) announced at the October 2021 plenary that Mauritius has been removed from its "grey list" of .

The Financial Action Task Force (FATF), the global group that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates relating to international ML/TF risk. The FATF blacklist (officially known as the "Call for action"), is the common shorthand description for the Financial Action Task Force (FATF) list of "Non-Cooperative Countries or Territories" (NCCTs). Prescribed foreign countries are usually countries which FATF recommends other countries apply 'countermeasures' to. Published 25 March 2021 Last updated 4 July 2022 + show all updates

These 37 Members are at the core of global efforts to combat money laundering and terrorist financing. On February 25, 2021, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. The list of high-risk countries is set out in schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Yemen. Cayman Islands. We will . Keeping this in consideration, how many countries are members of FATF? Mauritius. . Iran and North Korea (the Democratic . Nicaragua 14. Botswana. The changes may affect U.S. financial institutions' obligations and risk-based approaches with respect to relevant jurisdictions. On February 25, 2021, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. The European Commission is empowered, through Article 9 of the 4AMLD, to adopt delegated acts listing high . NON COMPLIANT COUNTRIES AND TERRITORIES IRAN* DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA (DPRK)* Albania. The current list of high-risk countries is set out in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The following web link to the FATF website provides for the list of high risk jurisdiction as identified by the FATF: http://www.fatf-gafi.org/countries/#high-risk All reporting entities are required to ensure that they remain up to date with the information provided by the FATF in regards to High-risk and other monitored jurisdictions and are aware of any changes or updates made to these two lists published by FATF. Two weeks later, on 17th of March 2022, the bad news for UAE was yet to come from the UK HM Treasury, which mirroring the FATF's decision, added the UAE in the list of high risk third countries. Mali Key Takeaways The starting point was when FATF, on 4th of March, placed UAE into its list of countries subject to increased monitoring, the so-called "grey list". The list was amended on 29 March 2022 by the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2022. Countries can be declared as 'prescribed foreign countries' by way of a regulation made under the AML/CTF Act because they pose a high risk of money laundering or terrorism financing. The Authority wishes to draw your attention to some amendments to Lists A and B following the June 2020 FATF plenary. These are all countries that were identified in the Financial Action Task Force (FATF) listed as "Jurisdictions under Increased Monitoring" in February, June or October 2021: Other changes identified in the EU amendment include the removal of The Bahamas, Botswana, Ghana, Iraq and Mauritius from the list of high-risk third countries (also . The list was amended by regulation 2 of the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021). On 7 May 2020, the European Commission adopted the new Delegated Regulation EU 2020/855, which will add the following countries to the high-risk third country list from 1 October 2020: Bahamas. The following countries had their progress reviewed by the FATF since October 2021: Albania, Barbados, Burkina Faso, Cambodia, Cayman . Such countries are often referred to as . Burkina Faso.

Burkina Faso 4. Pakistan 15. Jordan 3. Pakistan was placed on the 'Grey List' by the FATF in June 2018 and was given a plan of action to complete it by October 2019 or face the risk of being placed on the blacklist along with Iran and North Korea. Burkina Faso. Barbados. The following jurisdictions had their progress reviewed by the FATF since March 2022: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Trkiye, and Uganda.

There are currently 38 members of the FATF; 36 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). This list is often referred to as the "black list". The list was amended in July 2021 by regulation 2 of the Money Laundering and Terrorist Financing (Amendment) (No 2) ( High-Risk Countries ) Regulations 2021 . These 37 Members are at the core of global efforts to combat money laundering and terrorist financing. This list is often externally referred to as the "black list". 4. Jurisdictions under Increased Monitoring - June 2022 Albania. . One of the pillars of the European Union's legislation to . Barbados. Failure to comply can lead to strict . Albania 2. The Financial Action Task Force (FATF) updated its list of ' high risk and other monitored jurisdictions ' on 18 October 2019. The EU's revised list of high-risk third countries takes effect on 1 October 2020. This listing, on contrary with the FATF's "grey list", has direct effect on the UAE companies, individuals and any other entities transacting with UAE. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. The Financial Action Task Force, or FATF, publishes a list of high-risk jurisdictions to enhance anti-money laundering policies and procedures. The objective indicator for high-risk countries in the Implementing Decree for the 2018 Money Laundering and Terrorist Financing (Prevention) Act has been withdrawn.This means that a transaction involving a country on the European Commission's list of high-risk third countries no longer needs to be reported automatically to the Financial Intelligence Unit in cases where that was previously . This list of 21 countries released by the UK Government replicates the list of countries named by the Financial Action Task Force (FATF) as high-risk or under increased monitoring. Trinidad and Tobago. Consequently, Jamaica. Note: Since February 2020, due to COVID-19 pandemic, the FATF has paused the review process for countries in the list of High-Risk Jurisdictions subject to a Call for Action, given that they are already subject to the FATF's call for countermeasures. 1. FATF Grey List - Since the start of the COVID-19 pandemic, the FATF has provided some flexibility to jurisdictions not facing immediate deadlines to report progress on a voluntary basis. The list of high-risk countries is set out in schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. FATF PUBLIC STATEMENT - JUNE 24, 2011 1. For these countries, updated statements are provided below. Based on Directive (EU) 2015/849, Article 9, the Commission is mandated to identify high-risk third countries having strategic deficiencies in their regime on anti-money laundering and countering the financing of terrorism. The Financial Action Task Force (FATF) classifies high-risk jurisdictions as having significant strategic deficiencies in their regimes to counter money laundering (ML), terrorism financing (TF) and proliferation financing (PF). Venezuela. For all high-risk countries, the FATF calls on all members and urges all jurisdictions to apply enhanced due . The Financial Action Task Force (FATF), of which New Zealand is part of, updated its list of 'high risk and other monitored jurisdictions'on 21 February 2020. The new third countries listed by the EU have been identified as having strategic deficiencies in their AML/CFT . This list shows the status of countries in the FATF's global network, as well as jurisdictions monitored by the FATF's International Co-operation Review Group . it is likely that the EU Commission will take this addition to the Monitoring List into account when updating its own list of 'high-risk third countries'. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. Since February 2020, in light of the COVID-19 pandemic, the FATF has paused the review process for countries in the list of High-Risk Jurisdictions subject to a Call for Action, given that they are already subject to the FATF's call for countermeasures. Cayman Islands. The additional countries on the FATF list are Albania, Barbados, Jamaica, Mauritius, Myanmar, Nicaragua and Uganda. Jordan 9. A BSA/AML solution that is created to fit your unique risk profile. For jurisdictions removed from the FATF listing and monitoring process, U.S. financial institutions should take the FATF's . Senegal 18. The Cayman Islands will be included on the EU's list of 'high risk third countries' (the EU AML List) on 13 March 2022. On October 21, 2021, the Financial Action Task Force (FATF) released updates to its list of Jurisdictions under Increased Monitoring, or the "Grey List." In the update, FATF added Jordan, Mali, and Turkey, and removed Botswana and Mauritius. The mechanism is overseen by the FATF's International Co-operation Review Group (ICRG). This inclusion is a technicality which stems from the addition . Mali 10. Trinidad and Tobago have come off the list so are no . 05/03/2022 by Admin. Ghana. This list replicates those countries listed by the Financial Action Task Force as high risk, or under increased monitoring. Barbados 3. High-risk Jurisdictions Albania Barbados * Burkina Faso * Cambodia * Cayman Islands * Haiti * Jamaica * Jordan * Mali * Malta Morocco * Myanmar * Nicaragua * Pakistan * Panama * Philippines * Senegal * South Sudan * Syria * Turkey Uganda * United Arab Emirates [ NEW - Added March 2022] Yemen * The Commission has now gone beyond the established FATF criteria for assessing high-risk third countries in order "to promote the highest standards of anti-money laundering and to counter . The changes may affect U.S. financial institutions' obligations and risk-based approaches with respect to relevant jurisdictions. 11 August 2021. The list was amended in July 2021 by regulation 2 of the Money Laundering and Terrorist Financing (Amendment) (No 2) ( High-Risk Countries ) Regulations 2021 .