FinCEN informed financial institutions of changes to the Financial Action Task Force's ("FATF's") list of jurisdictions with AML deficiencies.
The following changes were made to the "Jurisdictions under Increased Monitoring" list:
- Botswana and Mauritius were removed from the list after a determination that the jurisdictions made significant progress in enhancing their AML, counter-terrorist financing, and counter-proliferation of weapons of mass destruction financing ("AML/CFT/CPF") regimes; and
- Jordan, Mali and Turkey were added to the list after a determination that they have not effectively implemented their AML/CFT/CPF frameworks.
FATF acknowledged that Jordan, Mali and Turkey made "high-level political commitment(s)" to strengthen their AML/CFT/CPF regimes.
The other countries that remain on the "Jurisdictions under Increased Monitoring" list are Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Uganda, Yemen and Zimbabwe.
FinCEN also confirmed that FATF's February 2020 statement, "High-Risk Jurisdictions Subject to a Call for Action" - which calls for enhanced due diligence and countermeasures with respect to the Democratic People's Republic of Korea and Iran - remains in effect.
In its notice to members, NFA called attention to these updates so that futures commission merchants and introducing brokers can review their AML programs accordingly.
Primary Sources
- FinCEN Press Release: Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
- NFA Notice I-21-34: FCM and IB Members-FinCEN updates its list of FATF-identified jurisdictions with AML/CFT deficiencies
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