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FATF Monitoring Update: Jurisdictions Under Increased Surveillance

Money LaunderingFATF Monitoring Update: Jurisdictions Under Increased Surveillance

Jurisdictions under increased monitoring are actively collaborating with the FATF to address strategic deficiencies in their anti-money laundering, counter-terrorist financing, and anti-proliferation regimes. When the FATF places a jurisdiction under increased monitoring, it indicates that the country has committed to promptly resolving the identified deficiencies within agreed timeframes and will be closely monitored. This list is commonly referred to as the “grey list”.

The FATF, along with FATF-style regional bodies (FSRBs), continues to work with these jurisdictions as they report on their progress. The FATF urges these jurisdictions to complete their action plans swiftly and within the agreed timeframes. The FATF appreciates their commitment and will monitor their progress closely. The FATF does not recommend applying enhanced due diligence measures to these jurisdictions. Instead, the FATF Standards advocate for a risk-based approach, avoiding the de-risking or cutting-off of entire classes of customers. Thus, the FATF encourages its members and all jurisdictions to consider the information below in their risk assessments.

The FATF continuously identifies jurisdictions with strategic deficiencies in their anti-money laundering, counter-terrorist financing, and anti-proliferation regimes. Several jurisdictions have not yet been reviewed by the FATF or their FSRBs but will be in the future.

The FATF allows some flexibility for jurisdictions without immediate deadlines to voluntarily report progress. Since February 2024, the FATF reviewed the progress of Bulgaria, Burkina Faso, Cameroon, Croatia, the Democratic Republic of Congo, Haiti, Jamaica, Mali, Mozambique, Nigeria, the Philippines, Senegal, South Africa, South Sudan, Tanzania, Türkiye, and Vietnam. Updated statements for these countries are provided below. Kenya, Namibia, Syria, and Yemen deferred reporting, so previous statements for these jurisdictions are included, though they may not reflect the most recent status of their AML/CFT regimes. Additionally, the FATF now identifies Monaco and Venezuela.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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