On 28 February 2011, the Financial Action Task Force (FATF), of which Singapore is a member, issued an updated statement that highlighted the strategic deficiencies in the anti-money laundering/combating the financing of terrorism (AML/CFT) regimes of Iran and the Democratic People’s Republic of Korea (DPRK). The text of the FATF statement can be found at:

http://www.fatf-gafi.org/document/11/0,3746,en_32250379_32236992_47221771_1_1_1_1,00.html

Financial institutions are advised to accord due consideration to the above FATF statement and take the appropriate action as recommended by the FATF with respect to the named jurisdictions.

Separately, the FATF has issued an update on its ongoing process to improve global AML/CFT compliance by identifying and engaging jurisdictions to address their strategic deficiences. The latest statement provides a progress report on the action plans of these jurisdictions. The second FATF statement can be found at:

http://www.fatf-gafi.org/document/49/0,3746,en_32250379_32236992_47221809_1_1_1_1,00.html