Date: June 28, 2024
Source: https://www.fatf-gafi.org/
This summary outlines the Financial Action Task Force’s (FATF) update on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime compliance for various jurisdictions.
Key Points:
- The FATF identifies countries with deficiencies in their AML/CFT regimes and places them under increased monitoring, often referred to as the “grey list.”
- This report details the progress made by countries on this list towards addressing those deficiencies.
- Some countries have made significant progress, while others require further action.
- The FATF encourages all jurisdictions to implement a risk-based approach to AML/CFT and avoid de-risking entire classes of customers.
Countries Included:
The report details the status of the following countries:
- Bulgaria
- Burkina Faso
- Cameroon
- Croatia
- Democratic Republic of the Congo
- Haiti
- Jamaica
- Kenya (statement from February 2024)
- Mali
- Monaco (statement from June 2024)
- Mozambique
- Namibia (statement from February 2024)
- Nigeria
- Philippines
- Senegal
- South Africa
- South Sudan
- Syria (statement from February 2023)
- Tanzania
- Türkiye
- Venezuela
- Vietnam
For Each Country:
- The report details the date the country committed to working with FATF to improve its AML/CFT regime.
- Steps the country has taken towards improvement are listed.
- Deficiencies yet to be addressed are highlighted.
- The FATF provides recommendations for further action.
Overall Takeaway:
The FATF plays a crucial role in ensuring global compliance with AML/CFT standards. This report provides valuable insights into the progress of various countries and identifies areas where improvement is needed. Financial institutions and other stakeholders should stay updated on these developments to effectively manage their AML and CFT risks.
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