FinCEN notified U.S. financial institutions that the Financial
Action Task Force ("FATF") updated the list of
jurisdictions with strategic deficiencies in combating anti-money
laundering and countering the financing of terrorism
("AML/CFT"). Changes to the FATF list may affect U.S.
financial institutions' due diligence obligations and
risk-based approaches concerning the affected jurisdictions.
The FinCEN Advisory Notice reported that in June
2016, the FATF conditionally suspended counter-measures against
Iran for a period of 12 months, thereby removing Iran from Category
A ("Countermeasures") and placing the jurisdiction in
Category B ("Enhanced Due Diligence"). In addition, the
Advisory stated that due to the lack of effective
implementation of an AML/CFT framework, Ethiopia was added to
the listing and monitoring process. Ethiopia is the first country
to be so identified based on the results of a 2012 FATF
mutual evaluation methodology. The 2012 evaluation assessed
technical compliance with FATF Standards, as well as the
effectiveness of a given country's AML/CFT regime.
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