The Financial Action Task Force (FATF), the global group that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates relating to international ML/TF risk.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
- High-Risk Jurisdictions subject to a Call for Action - June 2022 - which notes that the 21 February 2020 call for action in relation to the Democratic People's Republic of Korea and Iran remains in effect.
- Jurisdictions under Increased Monitoring - June 2022 - which lists jurisdictions that have strategic deficiencies in their AML/CTF regimes and are actively working with the FATF to address them.
Reporting entities should be aware of countries that pose a higher risk of money laundering or terrorism financing and use this information to help guide ML/TF risk assessments, compliance programs and decisions about submitting suspicious matter reports to AUSTRAC.
/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.
