ARTICLE
16 November 2015

FATF Identifies Jurisdictions With Strategic Deficiencies

CG
CSB Group

Contributor

Established in 1987, CSB Group offers diverse yet specialised business solutions and commercial services to a vast portfolio of corporate and private clients seeking to setup a business or relocate to Malta. With an 100+ team of qualified professionals we strive to be a partner of choice to our clients, providing them with tailor-made solutions, uniquely aimed at helping them succeed.
On the 23 October 2015 the FATF issued a public statement whereby it identified the jurisdictions that have strategic deficiencies to the international financial system.
Malta Finance and Banking

On the 23 October 2015 the FATF issued a public statement whereby it identified the jurisdictions that have strategic deficiencies to the international financial system. As  in  previous  occasions,  the  FATF  has  classified  the jurisdictions into three different categories, in accordance with  the  deficiencies  present  in  such  jurisdictions  and the level of commitment and progress made in addressing such deficiencies.

The categories are the following:

  1. Jurisdictions  that  have  failed to meaningfully address their AML/CFT deficiencies  and  are  subject  to counter-measures;
  2. Jurisdictions that have not made sufficient progress in addressing their AML/CFT deficiencies or have not committed to an action plan developed with the FATF;
  3. Jurisdictions that have developed an action plan with the FATF and have made   a   high-level   political   commitment  to  address  their  AML/CFT deficiencies  . 

The FATF also lists jurisdictions that are not making sufficient progress and those that are no longer subject to the FATF on-going global AML/CFT compliance process.

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