On March 11, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to announce that the Financial Action Task Force (FATF) has updated its list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies.
As detailed in the advisory, the FATF has added Burkina Faso, the Cayman Islands, Morocco and Senegal to, and removed the Bahamas from, its list of jurisdictions under increased monitoring for strategic AML/CFT deficiencies. The advisory notes that Iran and the Democratic People’s Republic of Korea remain subject to FATF’s “High-Risk Jurisdictions Subject to a Call for Action” statement, and as such, the FATF urges all jurisdictions to impose countermeasures on those countries to protect against strategic AML/CFT deficiencies that could affect the international financial system.