On an ongoing basis, the FATF reviews and identifies jurisdictions that pose a risk to the international financial system. The FATF calls on the subject jurisdictions to implement action plans within the proposed timeframes and monitors them.

At the FATF Plenary in October, the FATF applauded three countries, Ethiopia, Sri Lanka, and Tunisia for making significant progress in addressing the strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies. The three countries are no longer subject to FATF’s monitoring.

Newly joining the list of jurisdictions with the strategic anti-money laundering and countering the financing of terrorism deficiencies were Iceland, Mongolia, and Zimbabwe. They are asked to develop an action plan to address the most serious deficiencies along with other 11 countries monitored by the FATF. In order to be removed from the list, the countries must improve their policies on financial system as well as its practice. With the ongoing FATF review of compliance with the AML/CFT standards, the possibility of adding more jurisdictions to the list remains.

Emma Kang

Author Emma Kang

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