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Financial Action Task Force (FATF) Update for Lawyers

Author: Rhiannon Davies, Associate at AML Sorted


I've been meaning to post this for a while, but we have been so busy here at AML Sorted with client work and I have finally got a few minutes to spare!


The FATF met for their October plenary meeting last week and as part of this the high risk third countries list and jurisdictions under increased monitoring were reviewed.


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FATF Jurisdiction Updates


I’ll go into each list (Grey and Black) below.


The GREY List. Jurisdictions under increased monitoring 


Four countries were removed:

Burkina Faso 

Mozambique 

Nigeria

South Africa 


The countries that remain on this list are Algeria, Angola, Bolivia, Bulgaria, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo, Haiti, Kenya, Lao PDR, Lebanon, Monaco, Namibia, Nepal, South Sudan, Syria, Venezuela, Vietnam, Virgin Islands (UK) and Yemen.


The BLACK List. High-risk Jurisdictions subject to a Call for Action (Black List)  


There were no changes to the FATF Black List as at the October update. 


The countries that remain on this list are:

Democratic People’s Republic of Korea (DPRK),

Iran

Myanmar


 


Actions for my UK connections


👀 Update your Firm Wide Risk Assessment to show you have read and understood the update

👀 Document in your Firm Wide Risk Assessment any actions you are going to be taking as a result of the changes. 

👀 Update your AML Policies and Procedures if required.

👀 Let your staff know of any changes you make to your AML Policies and Procedures. 


Action for my Australian connections...



If anyone has any questions, please just ask!





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