FATF updates money laundering, terrorist financing lists

The Financial Action Task Force updated its lists of countries monitored for deficiencies in their efforts to counter money laundering, terrorist financing, and proliferation financing.

Details: The FATF:

• Added Bolivia and the British Virgin Islands to the list of jurisdictions subject to increased monitoring (the grey list).

• Removed Croatia, Mali, and the United Republic of Tanzania from the grey list.

• Said North Korea, Iran, and Myanmar will remain on the list of high-risk jurisdictions (the black list).

Payments Efforts: The FATF also announced that tomorrow it will release new recommendations to streamline information collected for cross-border payments, with compliance set for 2030. It also said reports are coming on complex proliferation and sanctions evasion schemes, terrorist financing risks, and the implementation of standards for virtual assets and virtual asset service providers.

ICBA Advocacy: In a June letter to the Financial Crimes Enforcement Network, ICBA called on the U.S. government to consider additional punitive measures to curtail North Korea’s money laundering and sanctions evasion activities.