February 2015 FATF Statement

On 27 February 2015, 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/combating the financing of terrorism (AML/CFT) regimes of two groups of jurisdictions:

 

  • Democratic People’s Republic of Korea (DPRK) and Iran which have not shown sufficient commitment to address their serious AML/CFT deficiencies.
  • Algeria, Ecuador, and Myanmar, which have not yet made sufficient progress in addressing their strategic deficiencies.

Details of the FATF Statement can be found at:

 

http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/public-statement-february-2015.html

 

Financial institutions are advised to accord due consideration to the above FATF Statement and take the appropriate action(s) and level of due-diligence measures, 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 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-february-2015.html

Last Modified on 26/11/2016