As part of its mandate in improving global AML/CFT compliance the FATF has again identified those jurisdictions with deficiencies in their AML/CFT strategies for which action plans have been developed with the FATF.
The FATF and the FSRBs continue to work with these jurisdictions and to will report on the progress made in addressing the identified deficiencies.
In a separate notice that the FATF has called upon its members and other jurisdictions to take counter-measures to protect the international financial system from "on-going and substantial money laundering and terrorist financing (ML/TF) risks" emanating from the Democratic People's Republic of Korea (DPRK) and Iran.
This separate notice goes on to list thirteen with strategic AML/CFT deficiencies where insufficient progress has been made in addressing such deficiencies and where no commitment has been made to developing action plans with the FATF in order to address the deficiencies. The FATF notice calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below.
In the context of country risk assessment, Credit and Financial Institutions should have regard to paragraph 55 of Industry Guidelines on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and also to the Central Bank's International Financial Sanctions pages.