The Financial Action Task Force (FATF), as part of its listing and monitoring process to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to ensure compliance with the AML/CFT standards, identifies certain jurisdictions (FATF listed jurisdictions) as having AML/CFT regimes with strategic deficiencies. The FATF listed jurisdictions appear in two lists: (1) the FATF Public Statement, which contains jurisdictions that are subject to the FATF’s call for countermeasures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks posed by these jurisdictions, as well as enhanced due diligence (EDD) measures, or (2) Improving Global AML/CFT Compliance: On-going Process, which consists of jurisdictions found as having strategic AML/CFT deficiencies.
It is hereby notified for general information that the FATF updated both documents on 23rd February 2018. Licensees of the International Financial Services Commission (IFSC) should consider these changes when reviewing their obligations and risk-based policies, procedures, and practices with respect to the jurisdictions noted below.