Circular Letter No. CC/2026/00000013

Circular Letter No. CC/2026/00000013
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Subject: Disclosure of FATF communications (February 2026 plenary meeting)

I. COMMUNICATIONS ISSUED BY THE FATF

With the aim of protecting the international financial system from the risks associated with money laundering and terrorist financing, as well as fostering adequate compliance with AML/CFT standards, the FINANCIAL ACTION TASK FORCE (FATF) acts to identify jurisdictions presenting strategic deficiencies in money laundering and terrorist financing prevention and to develop coordinated and decisive global responses to combat these realities.

Following the plenary meeting held between February 11 and 13, 2026, the FATF published the following documents:

• HIGH-RISK JURISDICTIONS SUBJECT TO A CALL FOR ACTION, dated February 13, 2026, which identifies jurisdictions subject to countermeasures and jurisdictions with strategic deficiencies in money laundering and terrorist financing prevention that have not made sufficient progress in overcoming these deficiencies and/or have not agreed with the FATF on an action plan for this purpose. The full content of this document can be consulted at: High-Risk Jurisdictions subject to a Call for Action - 13 February 2026.

• JURISDICTIONS UNDER INCREASED MONITORING, dated February 13, 2026, which identifies jurisdictions with strategic deficiencies in money laundering and terrorist financing prevention that have developed an action plan to overcome them and are subject to a monitoring process by the FATF. The full content of this document can be consulted at: Jurisdictions under Increased Monitoring - 13 February 2026

Regarding these documents, the following should be noted:

a) Regarding the list of High-Risk Jurisdictions Subject to a Call for Action:

• The FATF reiterates its call for the application of countermeasures against the Democratic People's Republic of Korea (North Korea) and the Islamic Republic of Iran, emphasizing an increased risk of proliferation financing (“Given heightened proliferation financing risks, the FATF reiterates its call to apply countermeasures on these high-risk jurisdictions.”).
• The Republic of the Union of Myanmar remains in the category of jurisdictions subject to the application of enhanced identification and due diligence measures proportional to the risks resulting from them, with the FATF reiterating that if no progress is made by June 2026, countermeasures will be considered.

b) Regarding the list of Jurisdictions Under Increased Monitoring:

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• Since October 2025, the FATF has assessed the progress of 18 jurisdictions, and their respective statements have been updated;
• Regarding the Republic of Haiti and the Syrian Arab Republic, the FATF's previous statements were included in this document, but they may not reflect the current state of their respective money laundering and terrorist financing prevention regimes;
• The entry of two jurisdictions is noted: State of Kuwait and Independent State of Papua New Guinea.

Furthermore, it is important to note the maintenance of the suspension of the membership status of the Russian Federation.

II. Comparative framework with communications issued by the FATF in October 2025

HIGH-RISK JURISDICTIONS SUBJECT TO A CALL FOR ACTION | JURISDICTIONS UNDER INCREASED MONITORING --- | --- Jurisdictions subject to the application of countermeasures | Jurisdictions subject to the application of enhanced measures Jurisdictions subject to a monitoring process | Jurisdictions that have exited the monitoring process

PLENARY MEETING
11-13 February 2026
Democratic People's Republic of Korea (North Korea) | Islamic Republic of Iran; Republic of the Union of Myanmar | Republic of Angola; Algerian Democratic and Popular Republic; Plurinational State of Bolivia; Republic of Bulgaria; Republic of Cameroon; Democratic Republic of the Congo; Republic of Côte d'Ivoire; Republic of Haiti, Republic of Yemen; British Virgin Islands; State of Kuwait; Lao People's Democratic Republic; Lebanese Republic; Principality of Monaco; Republic of Namibia; Nepal; Independent State of Papua New Guinea; Republic of Kenya; Syrian Arab Republic; Republic of South Sudan; Bolivarian Republic of Venezuela; Socialist Republic of Vietnam. | -

PLENARY MEETING
22-24 October 2025
Democratic People's Republic of Korea (North Korea) | Islamic Republic of Iran; Republic of the Union of Myanmar | Republic of Angola; Algerian Democratic and Popular Republic; Plurinational State of Bolivia; Republic of Bulgaria; Republic of Cameroon; Democratic Republic of the Congo; Republic of Côte d'Ivoire; Republic of Haiti, Republic of Yemen; British Virgin Islands; Lao People's Democratic Republic; Lebanese Republic; Principality of Monaco; Republic of Namibia; Nepal; Republic of Kenya; Syrian Arab Republic; Republic of South Sudan; Bolivarian Republic of Venezuela; Socialist Republic of Vietnam. | Republic of South Africa; Burkina Faso; Republic of Mozambique; Federal Republic of Nigeria

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III. PROCEDURES AND MEASURES TO BE ADOPTED BY INSTITUTIONS

Taking into account the content of the documents produced by the FATF and within the framework of the duty to disseminate information to which supervisory authorities are bound (Article 120 of Law No. 83/2017, of August 18 - “Law No. 83/2017”), the Bank of Portugal informs the following, regarding business relationships, occasional transactions, and operations carried out with persons, entities, and unincorporated collective interest centers1 residing or established in the jurisdictions identified below:

a. Considering the existence of a very high risk of money laundering, terrorist financing, and proliferation of weapons of mass destruction, it is determined, under the terms and for the purposes of Article 99(1)(b) of Law No. 83/2017, the maintenance of countermeasures, proportional to those risks, with respect to the DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA (NORTH KOREA) and the ISLAMIC REPUBLIC OF IRAN, which must in any case include the countermeasures identified in the High-Risk Jurisdictions Subject to a Call For Action and in Article 99(3)(f) to (h) and (k) of the aforementioned Law No. 83/2017.

b. Under Article 36(2) and Article 37(3)(b) of Law No. 83/2017, enhanced identification and due diligence measures shall continue to be adopted – necessarily including the measures specified in the High-Risk Jurisdictions Subject to a Call For Action – and all business relationships, occasional transactions, and operations involving the DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA (NORTH KOREA), the ISLAMIC REPUBLIC OF IRAN, or the REPUBLIC OF THE UNION OF MYANMAR shall be examined with special care.

c. Regarding business relationships, occasional transactions, and operations involving jurisdictions subject to a monitoring process, or other high-risk third countries that are part of Commission Delegated Regulation (EU) 2016/1675 of July 14, 2016, in its currently effective version, enhanced measures that are proportional to the specifically identified risk shall be adopted, without prejudice to the above, under Article 36(2), Article 37(1), and Article 37(3)(b), all of the aforementioned Law No. 83/2017.

Supplementary information on the conclusions of the FATF plenary meeting can be obtained on the website www.fatf-gafi.org.

1 Including their respective representatives and beneficial owners.