Regulatory Alerts2024-12-29
Circular CN/2024/10079: High Risk Jurisdictions
The Maldives Monetary Authority's Financial Intelligence Unit issued Circular CN/2024/10079 to mandate enhanced due diligence for transactions involving high-risk jurisdictions. Reporting Entities must apply counter-measures to mitigate money laundering and terrorist financing risks associated with countries identified by the Financial Action Task Force as having weak AML/CFT measures. Entities are responsible for staying informed of FATF updates and may receive additional guidance from the Unit based on locally relevant contextual factors.
بسم الله الرحمن الرحيم
ދިވެހިރާއްޖޭގެ މަރުކަޒީ ބޭންކް FINANCIAL INTELLIGENCE UNIT
MALDIVES MONETARY AUTHORITY
Circular No: CN/2024/10079
29 December 2024
To: All Reporting Entities
High-Risk Jurisdictions
This Circular is issued to all Reporting Entities under Section 19(c) of Law No. 10/2014 (Prevention of Money Laundering and Financing of Terrorism Act) which also requires Reporting Entities to pay special attention to business relations and transactions with persons, including legal persons, residing in countries that do not apply the relevant international standards to combat money laundering, financing of terrorism and proliferation financing.
This Unit considers the jurisdictions identified by Financial Action Task Force (FATF) with weak measures to combat money laundering and terrorist financing (AML/CFT) as the primary list of jurisdictions subject to enhanced due diligence measures envisaged under Section 19(c) of Law No. 10/2014. This list is updated by the FATF three times a year and is published on FATF website. The list of countries is available from the following link: https://www.fatf-gafi.org/en/countries/black-and-grey-lists.html
All Reporting Entities are required to implement appropriate enhanced due diligence measures, and in the most serious cases, to apply counter-measures necessary to mitigate money laundering, terrorist financing, and proliferation financing risks concerning the natural and legal persons residing in the listed countries. This Unit will continue to provide updates on any changes to the list. However, it remains the responsibility of Reporting Entities to stay informed about the listed countries and take appropriate actions in a timely manner. Additionally, this Unit will provide information on other countries based on locally relevant contextual factors, for Reporting Entities to apply appropriate enhanced due diligence measures.
Reporting Entities are encouraged to consult with this Unit for all their AML/CFT compliance matters.
Yours Sincerely,
Abdulla Ashraf Head of Financial Intelligence Unit
Phone: +960 3012139 :ގުޅުއްވާ Email: fiu@mma.gov.mv :އީމެއިލް Website: www.mma.gov :ވެބްސައިޓް Web page: www.mma.gov.mv/#/fiu :ވެބް ޕޭޖް
Maldives Monetary Authority Boduthakurufaanu Magu Male' 20182, Maldives