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 – February 2023: which notes that the 21 February 2020 call for action in relation to the Democratic People’s Republic of Korea, Iran and Myanmar remains in effect.
- Jurisdictions under Increased Monitoring – February 2023: 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.
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