- FATF Statement on High-Risk Jurisdictions subject to a Call for Action
The Financial Action Task Force (FATF) has issued a statement on high-risk jurisdictions subject to a call for action, calling on all members to apply enhanced due diligence and countermeasures to protect the international financial system from money laundering, terrorist financing, and proliferation financing risks. The statement refers to the list of high-risk jurisdictions subject to a call for countermeasures adopted in February 2020 and notes that the call to apply countermeasures on Iran and North Korea remains in effect. In addition, the FATF has also called for enhanced due diligence measures proportionate to the risk arising from Myanmar, which will stay on the list of countries subject to a call for action until its entire action plan is completed.
- FATF Statement on Jurisdictions under Increased Monitoring
The FATF has updated its list of jurisdictions under increased monitoring by adding Nigeria and South Africa and removing Cambodia and Morocco. The FATF will continue to monitor and assess the progress made by these jurisdictions in addressing their AML/CFT regimes and encourages its members and all jurisdictions to take the information presented in the statement into account in their risk analysis. Licensed corporations and associated entities are reminded to review the FATF website for relevant information and any updated statements.
- Outcomes from the FATF Plenary, 22-24 February 2023
The FATF has published several outcomes of its recent Plenary that may be relevant to licensed corporations and associated entities. These include finalising a guidance document to help countries implement the revised requirements of Recommendation 24, enhancements to Recommendation 25 on legal arrangements, completion of research on ransomware attacks, and an agreement on a roadmap to strengthen the implementation of FATF standards on virtual assets and service providers. The FATF will publish the guidance document in March 2023, start working on a guidance document for Recommendation 25, publish a report on ransomware activities and risk indicators in March 2023, and report on the steps taken to regulate and supervise virtual asset service providers in the first half of 2024.
resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/aml/doc?refNo=23EC10