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 fourth plenary meeting of FATF-XXXIII held in October 2023 decided to add Bulgaria to the list of Jurisdictions under Increased Monitoring. Meanwhile, it recognized the significant progress of improving the AML/CTF regimes in Albania, Jordan, Cayman Islands and Panama and agreed that they are 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 (3)
Democratic People’s Republic of Korea (DPRK)
Iran
Myanmar
See FATF website:
https://www.fatf-gafi.org/content/fatf-gafi/en/publications/High-risk-and-other-monitored-jurisdictions/Call-for-action-october-2023.html
2. Jurisdictions under Increased Monitoring (23)
Barbados
Bulgaria
Burkina Faso
Cameroon
Croatia
Democratic Republic of the Congo
Gibraltar
Haiti
Jamaica
Mali
Mozambique
Nigeria
Philippines
Senegal
South Africa
South Sudan
Syria
Tanzania
Turkey
Uganda
United Arab Emirates (UAE)
Vietnam
Yemen
See FATF website:
https://www.fatf-gafi.org/content/fatf-gafi/en/publications/High-risk-and-other-monitored-jurisdictions/Increased-monitoring-october-2023.html
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.
