FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering/counter-terrorist financing (AML/CFT) deficiencies. These changes may affect U.S. financial institutions’ obligations and risk-based approaches regarding relevant jurisdictions. A summary of the changes to the FATF lists follows:

 

•  Indonesia has been removed from the FATF listing and monitoring process.
•  Ecuador has been removed from the “FATF Public Statement” and included in FATF’s “Improving Global AML/CFT Compliance: On-going Process” document.
•  Bosnia and Herzegovina has been added to FATF’s “Improving Global AML/CFT Compliance: On-going Process” document.

 

FinCEN’s advisory can be viewed at http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2015-A002.pdf .