The intergovernmental Financial Action Task Force (FATF) this month removed Nicaragua and Pakistan from its list of jurisdictions under increased monitoring related to standards for anti-money laundering, countering the financing of terrorism and others, but it added the Democratic Republic of Congo, Mozambique, and Tanzania to that list, the Treasury Financial Crimes Enforcement Network (FinCEN) said in a release.
The FATF is an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF). FinCEN said Monday that the task force has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month. “U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices,” FinCEN said.
Besides the changes in jurisdictions monitoring, the FATF added Burma to its list of “high-risk jurisdictions subject to a call for action” and called for enhanced due diligence, not countermeasures. The FATF also said that “when applying enhanced due diligence measures, countries should ensure that flows of funds for humanitarian assistance, legitimate NPO activity and remittances are not disrupted,” FinCEN said in its release.
The FinCEN release said Iran and the Democratic People’s Republic of Korea (DPRK) remain on the list of “high-risk jurisdictions subject to a call for action” and remain subject to the FATF’s countermeasures.