North Korea, Iran remain at top of list of countries with big flaws in anti-money laundering, combatting terrorism financing

An updated list of jurisdictions with strategic anti-money laundering (AML) and combatting financing of terrorism (CFT) deficiencies – which may affect financial institutions’ risk-based approaches and obligations – is available from the Treasury’s arm for addressing financial crimes.

The Financial Crimes Enforcement Network (FinCEN), in its Friday advisory, said the Financial Action Task Force (FATF, an international group that sets standards for AML and CFT, among other things) issued the list June 21. FinCEN, in particular, pointed to FATF’s call for countermeasures with regard to dealings with North Korea (the Democratic People’s Republic of Korea, or DPRK) and enhanced due diligence with Iran.

FinCEN also noted changes to its list of “Improving Global AML/CFT Compliance: On-going Process,” which includes:

  • Remaining on the list: The Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, and Yemen
  • Added to the list: Panama
  • Removed from the list: Serbia

Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies and Relevant Actions by the United States Government

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