Update to the Financial Action Task Force ‘at risk’ countries

IPA Insolvency Practitioner newsletter AML Digest, August 2024

The Financial Action Task Force (FATF) leads global action to tackle money laundering and terrorist/proliferation financing.

Three times a year (February, June and October), FATF hold a plenary session to consider jurisdictions that require increased monitoring (the ‘grey list’) and high-risk jurisdictions subject to a call for action (the ‘black list’).

Updates to the lists were published on 28 June 2024. There is no change to the black-listed countries which remain North Korea, Iran and Myanmar. Details of FATF findings on these countries can be found here.

There have been changes made to the grey list countries. Jamaica and Turkey are no longer under increased monitoring and have been removed from the list. However, Monaco and Venezuela have been added. Full details are available here.

Awareness of the lists is required as per Reg 33(3)(a) of the MLR17 (as amended) where consideration of the FATF lists is required to consider if Enhanced Due Diligence is required on a proposed appointment.