FATF Updates List of Jurisdictions With AML, Sanctions Compliance Deficiencies

The Financial Action Task Force recently updated its list of jurisdictions with “deficiencies” in combating terrorism financing, weapons proliferation and other sanctions-related issues, the Financial Crimes Enforcement Network said Feb. 29. The FATF added Kenya and Namibia to its list of "Jurisdictions Under Increased Monitoring" and removed Barbados, Gibraltar, Uganda and the United Arab Emirates from that list. The FATF’s list of "High-Risk Jurisdictions Subject to a Call for Action" remains the same and still lists Iran, North Korea and Myanmar.

FinCEN also said FATF continues to suspend Russia's membership (see 2303150009), adding that Moscow's "war of aggression against Ukraine continues to run counter to FATF’s principles." The FATF also highlighted Russia-related risks to the international financial system, including the "growing financial connectivity" between Russia, North Korea and Iran as well as the "risks of proliferation financing, malicious cyber activities, and ransomware attacks. In order to protect the international financial system, the FATF continues to urge all jurisdictions to remain vigilant to these risks."