I. Background
The Financial Action Task Force (FATF) sets global anti-money laundering (AML) and counter-terrorist financing (CTF) standards, continuously monitors worldwide jurisdictions with notable deficiencies in their AML/CTF regimes, and urges these jurisdictions to improve.
The FATF holds plenary meetings three times a year to review the progress of improving the AML/CTF regimes in these jurisdictions. After each plenary meeting, two public documents will be updated on the FATF website: the List of High-Risk Jurisdictions subject to a Call for Action, often referred to as the “black list”, and the List of Jurisdictions under Increased Monitoring, or the “grey list”.
II. Updates
The seventh plenary meeting of FATF-XXXII held in June 2022 decided to add Gibraltar to the list of Jurisdictions under Increased Monitoring. Meanwhile, it recognized the significant progress of improving the AML/CTF regimes in Malta and agreed that it is no longer subject to the “grey list”.
Accordingly, the FATF updated the lists of High-Risk Jurisdictions subject to a Call for Action and Jurisdictions under Increased Monitoring, as shown below.
1. High-Risk Jurisdictions subject to a Call for Action (2)
Democratic People’s Republic of Korea (DPRK)
Iran
See FATF website:
2. Jurisdictions under Increased Monitoring (23)
Albania
Barbados
Burkina Faso
Cambodia
Cayman Islands
Gibraltar
Haiti
Jamaica
Jordan
Mali
Morocco
Myanmar
Nicaragua
Pakistan
Panama
Philippines
Senegal
South Sudan
Syria
Turkey
Uganda
United Arab Emirates (UAE)
Yemen
See FATF website:
III. Requirements
Obligatory institutions shall pay close attention to changes in the lists above and take corresponding risk management measures timely according to relevant laws and regulations.
