June 2014 FATF Statement

On 27 June 2014, the Financial Action Task Force (FATF), of which Singapore is a member, issued an updated Public Statement that highlighted the strategic deficiencies in the anti-money laundering/countering the financing of terrorism (AML/CFT) regimes of two groups of jurisdictions:

  • Democratic People’s Republic of Korea (DPRK) and Iran which have shown no commitment to address their AML/CFT deficiencies.
  • Algeria, Ecuador, Indonesia and Myanmar, which have not made sufficient progress in addressing their strategic deficiencies.

Details of the FATF Statement can be found at:
 
http://www.fatf-gafi.org/documents/news/public-statement-june-2014.html
 
Financial institutions are advised to accord due consideration to the above FATF Statement and take the appropriate action(s) as recommended by the FATF with respect to the named jurisdictions.
 
Separately, FATF has issued an updated statement on its on-going process to improve global AML/CFT compliance.  This statement provides information and updates on a list of jurisdictions that have committed to action plans to address and strengthen their respective AML/CFT deficiencies.  The second FATF statement can be found at:
 
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/fatf-compliance-june-2014.html

 

Last Modified on 26/11/2016