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27 June 2019 Supervision

The Financial Action Task Force (FATF) released two important documents following its plenary meeting in June 2019 indicating jurisdictions with strategic deficiencies in their AML/CFT regimes:

FATF Public Statement June 2019

Improving Global AML/CFT Compliance: on-going process – 21 June 2019
Several jurisdictions have shown their commitment to seriously addressing the identified deficiencies. Others have made less progress, such as the jurisdictions that the FATF listed in its Public Statement. These jurisdictions are showing serious deficiencies. The public statement of October refers to specifically. De Nederlandsche Bank (DNB) and the Ministry of Finance want to stress that more stringent measures are needed when maintaining business relations with residents of these jurisdictions, or carrying out transactions to or from these jurisdictions.

Democratic People’s Republic of Korea

The FATF remains concerned by the Democratic People’s Republic of Korea’s (DPRK) failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats they pose to the integrity of the international financial system. FATF calls on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from this jurisdiction.

Iran

Given that Iran provided political commitment and the relevant steps it has taken, the FATF decided in February 2019 to continue the suspension of counter-measures. The FATF decided at its meeting in June 2019 to continue the suspension of counter-measures, with the exception of the FATF calling upon members and urging all jurisdictions to require increased supervisory examination for branches and subsidiaries of financial institutions based in Iran, in line with the February 2019 Public Statement. If by October 2019, Iran does not enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, then the FATF will require introducing enhanced relevant reporting mechanisms or systematic reporting of financial transactions; and increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in Iran. The FATF also expects Iran to continue to progress with enabling regulations and other amendments.

The "Improving global AML/CFT compliance" document contains a list of jurisdictions that have serious deficiencies in their AML/CFT regimes but have committed themselves to addressing them. This list includes the following jurisdictions: The Bahama’s, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen. In June 2019 Serbia has been removed from this list. Panama has been added.

Financial institutions are expected to take account of specific circumstances when deciding on the necessary AML/CFT measures. They should refer to DNB's Q&A on FATF Warning lists for this purpose.

If necessary, the FATF will review its warning lists at its next plenary meeting in October 2019.

sector

  • Banks
  • Electronic money institutions
  • Exchange transaction
  • Insurers
  • Payment institutions
  • Trust offices