Regulatory Alerts2015-08-15
FATF Public Statement on High-Risk and Non-Cooperative Jurisdictions - 26 June 2015
The Financial Action Task Force (FATF) issued a public statement on 26 June 2015 identifying high-risk and non-cooperative jurisdictions requiring enhanced scrutiny or countermeasures to protect the international financial system from money laundering and terrorist financing risks. The statement mandates that member jurisdictions apply effective countermeasures to Iran and the Democratic People's Republic of Korea due to their severe strategic deficiencies, while urging Algeria and Myanmar to accelerate progress on their action plans. Additionally, the FATF outlines ongoing compliance processes for multiple jurisdictions, highlighting Iraq's insufficient progress and detailing specific remedial actions required for countries such as Afghanistan, Angola, Bosnia and Herzegovina, Ecuador, Guyana, Lao PDR, Panama, Papua New Guinea, Sudan, Syria, Uganda, and Yemen.