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High-risk and Other Monitored Jurisdictions by FATF
FijiFIU: 4 January 2021
High-risk and Other Monitored Jurisdictions by FATF
Financial institutions are required under section 10(1) (c) of the
Financial Transactions Reporting (FTR) Act
and under regulation 17 and 20 of the
FTR Regulations
to monitor business relations and transactions with natural persons, legal entities and arrangements in higher risk countries and countries that do not have adequate systems in place to prevent or deter money laundering (ML), terrorist financing (TF) and weapons of mass destruction proliferation financing (PF).
I. High-Risk Jurisdictions subject to a Call for Action
High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country. This list is often externally referred to as the “
black list
”.
FATF Public Statements:
Democratic People's Republic of Korea (DPRK) and Iran
23 October 2020
30 June 2020
21 February 2020
18 October 2019
21 June 2019
22 February 2019
II. Jurisdictions under Increased Monitoring by FATF
Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the ‘
grey list’
.
FATF Public Statements:
Albania; Barbados; Botswana; Cambodia; Ghana; Jamaica; Mauritius; Myanmar; Nicaragua; Pakistan; Panama; Syria; Uganda; Yemen; and Zimbabwe
23 October 2020
30 June 2020
21 February 2020
18 October 2019
21 June 2019
22 February 2019
Section 2.3 of
FIU Enforceable Guideline 6
requires the FIU to inform financial institutions from time-to-time of countries that have been identified by FATF as having inadequate systems for preventing and deterring ML, TF and PF.
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