RegAlertRule · MFSA · 26 Jun 2013
Notice to Financial Services Licence Holders FATF identifies jurisdictions with strategic deficiencies
The Malta Financial Services Authority directs financial services licence holders to implement measures set out in the FIAU Implementing Procedures, specifically Chapter 8, Section 1, when conducting business with jurisdictions identified by the Financial Action Task Force as having strategic anti-money laundering and combating the financing of terrorism deficiencies. Licence holders are required to consider two FATF public statements from 21 June 2013, which classify jurisdictions based on the application of counter-measures or the existence of action plans. This directive applies to all business undertaken with the jurisdictions listed in those FATF public statements.
Notice to Financial Services Licence Holders
FATF identifies jurisdictions with strategic deficiencies The MFSA would like to draw the attention of licence holders to the recent publication of two public documents by the Financial Action Task Force (FATF) which have identified countries considered to have strategic deficiencies regarding anti-money laundering and combating the financing of terrorism (AML/CFT).
- High-risk and Non-cooperative Jurisdictions:
FATF Public Statement - 21 June 2013 - identifies jurisdictions with serious strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies. They are classified as:
(a) Jurisdictions that have strategic AML/CFT deficiencies and to which counter-measures apply; and (b) Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. Additionally, the FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction. - Jurisdictions which have strategic AML/CFT deficiencies for which they have developed an
action plan with the FATF:
Improving Global AML/CFT Compliance: on-going process – 21 June 2013 - identifies jurisdictions with strategic AML/CFT deficiencies that have provided a high-level political commitment to address the deficiencies through the implementation of an action plan developed with the FATF. The situation differs in each jurisdiction and therefore each presents different degrees of ML/FT risks. Licence holders should give consideration to the abovementioned documents and are directed to implement the measures set out under the FIAU Implementing Procedures (Part I) - especially
Chapter 8, Section 1 – when undertaking any business with any of the jurisdictions listed in the public
statements.
Communications Unit
Malta Financial Services Authority
MFSA Ref: 35-2013
26 th June 2013
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