Morocco|Mozambique| Nigeria While the FATF determined that Yemen has completed its agreed action plan, due to the security situation, the FATF has been unable to conduct an on-site visit to confirm whether the process of implementing the required reforms and actions has begun and is being sustained. The anti-money laundering body's grey-list names countries that are under increased scrutiny until they have tightened up their systems and policies. The FATF continues to monitor Ugandas oversight of the NPO sector to encourage the application of the risk-based approach to supervision of NPOs in line with the FATF Standards and mitigate unintended consequences. In October 2021, Jordan made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of its AML/CFT regime. In June 2021, Haiti made a high-level political commitment to work with the FATF and CFATF to strengthen the effectiveness of its AML/CFT regime. At its June 2023 plenary, the FATF made the initial determination that the Cayman Islands have substantially completed its action plan and warrants an on-site assessment to verify that the implementation of the AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future. PARIS (Reuters) - The FATF international financial crime watchdog on Friday said it . Gibraltar should continue to work on implementing its action plan to address its strategic deficiencies, including by showing that it is able to pursue more final confiscation judgments commensurate with the risk and context of Gibraltar. In June 2023, Vietnam made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime. Mali should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1)implementing the national strategic AML/CFT action plan in line with the NRA; (2) developing and starting to implement a risk based approach for the AML/CFT supervision of all FIs and higher risk DNFBPs and demonstrating effective, proportionate and dissuasive sanctions for non-compliance; (3)conducting a comprehensive assessment of ML/TF risks associated with all types of legal persons; (4) increasing the capacity of the FIU and the LEAs and enhancing their cooperation on the use of financial intelligence; (5)conducting parallel financial investigation; (6) strengthening the capacities of relevant authorities responsible for investigation and prosecution of TF cases; (7)strengthening the legal framework and procedures to implement TFS related to TF and PF; and (8) implementing a risk-based approach for supervision of the NPO sector to prevent abuse for TF purposes. Since the adoption of its MER in April 2021, Tanzania has made progress on some of the MERs recommended actions to improve its system including by developing legal framework for TF and TFS as well as disseminating FIU strategic analysis. Nigeria will work to implement its FATF action plan by: (1) completing its residual ML/TF risk assessment and updating its national AML/CFT strategy to ensure alignment with other national strategies relevant to high-risk predicate offences; (2) enhancing formal and informal international cooperation in line with ML/TF risks; (3) improving AML/CFT risk-based supervision of FIs and DNFBPs and enhancing implementation of preventive measures for high-risk sectors; (4) ensuring that competent authorities have timely access to accurate and up-to-date BO information on legal persons and applying sanctions for breaches of BO obligations; (5) demonstrating an increase in the dissemination of financial intelligence by the FIU and its use by LEAs; (6) demonstrating a sustained increase in ML investigations and prosecutions in line with ML risks; (7) proactively detecting violations of currency declaration obligations and apply appropriate sanctions and maintaining comprehensive data on frozen, seized, confiscated, and disposed assets; (8) demonstrating sustained increase in investigations and prosecutions of different types of TF activities in line with risk and enhancing interagency cooperation on TF investigations; and (9) conducting risk-based and targeted outreach to NPOs at risk of TF abuse and implementing risk-based monitoring for the subset of NPOs at risk of TF abuse without disrupting or discouraging legitimate NPO activities. In October 2022, the DRC made a high-level political commitment to work with the FATF and GABAC to strengthen the effectiveness of its AML/CFT regime. The DRC will work to implement its FATF action plan by: (1) finalising the NRA on ML and TF and adopting an AML/CFT national strategy; (2) designating supervisory authorities for all DNFBP sectors, and developing and implementing a risk-based supervision plan; (3) adequately resourcing the FIU, and build its capacity to conduct operational and strategic analysis; (4) strengthening the capabilities of authorities involved in the investigation and prosecution of ML and TF; and (5) demonstrating effective implementation of TF and PF-related TFS. The FATF encourages the Philippines to continue to implement its action plan to address the above-mentioned strategic deficiencies as soon as possible. The FATF provides some flexibility to jurisdictions not facing immediate deadlines to report progress on a voluntary basis. Text size. Jordan has made the following key reforms, including: (1) completing and disseminating the ML/TF risk assessments of legal persons and virtual assets; (2) conducting inspections of reporting entities including FIs and DNFBPs; (3) implementing a sanctions mechanism for violations of the transparency obligations related to legal persons and arrangements; (4) applying effective, proportionate, and dissuasive sanctions for noncompliance; (5) pursuing money laundering investigations and prosecutions for predicate offences in line with its risk profile; (6) applying effective, proportionate, and dissuasive sanctions in ML cases; (7) implementing a legal and institutional framework for TFS; and (8) demonstrating that TFS compliance is assessed and TFS deficiencies are rectified. The FATF Grey List is also updated frequently, and de-listings and new additions are made based on the performance of the . South Africa should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) demonstrating a sustained increase in outbound MLA requests that help facilitate ML/TF investigations and confiscations of different types of assets in line with its risk profile; (2) improving risk-based supervision of DNFBPs and demonstrating that all AML/CFT supervisors apply effective, proportionate, and effective sanctions for noncompliance; (3) ensuring that competent authorities have timely access to accurate and up-to-date BO information on legal persons and arrangements and applying sanctions for breaches of violation by legal persons to BO obligations; (4) demonstrating a sustained increase in law enforcement agencies requests for financial intelligence from the FIC for its ML/TF investigations; (5) demonstrate a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of TF activities in line with its risk profile; (6) enhancing its identification, seizure and confiscation of proceeds and instrumentalities of a wider range of predicate crimes, in line with its risk profile; (7) updating its TF Risk Assessment to inform the implementation of a comprehensive national counter financing of terrorism strategy; and (8) ensuring the effective implementation of targeted financial sanctions and demonstrating an effective mechanism to identify individuals and entities that meet the criteria for domestic designation. The FATF and FATF-style regional bodies (FSRBs) continue to work with the jurisdictions below as they report on the progress achieved in addressing their strategic deficiencies. International money-laundering watchdog the Financial Action Task Force announced Friday it had put Cameroon, Croatia and Vietnam on its "grey list" of countries under increased . A number of jurisdictions have not yet been reviewed by the FATF or their FSRBs, but will be in due course. 24 Jun 2023 09:56:54 Objective: Initially, its objective was to examine and develop measures to combat money laundering. At its June 2023 plenary, Albania confirmed its abandonment of the planned VTC programme and committed to respect the FATF principles and best practices on VTC programmes if it considers adopting a VTC programme in the future. Haiti, Nigeria, Syria, Tanzania and Yemen chose to defer reporting; thus, the statements previously issued for those jurisdictions are included below, but it may not necessarily reflect the most recent status of the jurisdictions AML/CFT regimes. The FATF welcomes their commitment and will closely monitor their progress. The FATF black list (sometimes referred to as the OECD black list) is a list of countries that the intragovernmental organization considers non-cooperative in the global effort to combat money laundering and the financing of terrorism. The FATF strongly urges Uganda to swiftly demonstrate significant progress in completing its action plan by October 2023 or the FATF will consider next steps if there is insufficient progress. Financial crime watchdog adds South Africa to 'grey list' The FATF strongly urges Uganda to swiftly demonstrate significant progress in completing its action plan by June 2023 or the FATF will consider next steps if there is insufficient progress. International Financial Crime Watchdog Updates List of Countries Under This is because the FATF remains concerned that Albanias apparent plans to establish a Voluntary Tax Compliance (VTC) programme do not comply with the FATFs principles for managing the AML/CFT implications of VTC programmes or FATFs best practices in this area. The FATF notes that the introduction of a VTC programme disregarding the FATF principles and best practices would impact the FATFs consideration of a countrys progress towards addressing its AML/CFT deficiencies and its commitment to improve its AML/CFT regime. The FATF urges Senegal to swiftly implement its action plan to address the above-mentioned strategic deficiencies as soon as possible. Since October 2021, when Mali made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime, Mali has taken steps towards improving its AML/CFT regime, including by providing resources to financial supervisors and competent authorities involved in the investigation and prosecution of TF and conducting outreach to NPOs at risk of TF abuse. The FATF notes Senegals continued progress across its action plan, however all deadlines have now expired and work remains. Insights FATF grey listing What actions should be considered following the latest grey-listing of South Africa and Nigeria? The FATF notes Burkina Fasos continued progress across its action plan, however all deadlines have now expired and work remains. As of June 2023, the FATF has reviewed over 125 countries and jurisdictions and publicly identified 98 of them. The FATF again expresses concern that Jamaica failed to complete its action plan, which fully expired in January 2022. June 26, 2023 | 12:00am. UAE added to FATF Grey List 2008 2018 NOVEMBER 2018 APRIL 2008 FEBRUARY 2021 2020 2021 NOVEMBER 2021 2022 MARCH 2022 APRIL 2020. Jamaica should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) including all DNFBPs in the AML/CFT regime and ensuring adequate, risk-based supervision in all sectors; and (2) ensuring that BO definition is in line with the FATF Standards, taking appropriate measures to prevent legal persons and arrangements from being misused for criminal purposes, and ensuring that accurate and up-to-date basic and beneficial ownership information is available on a timely basis to competent authorities.
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