FATF updates on global AML/CTF compliance
The Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and combating the counter terrorism-financing (AML/CTF), has recently published two updates on international AML/CTF compliance.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
- Public statement – October 2019 – which calls attention to ongoing issues in relation to the Democratic People’s Republic of Korea and Iran.
- AML/CTF compliance update on jurisdictions that have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
FATF statements should be used by reporting entities to help guide your AML/CTF programs and decisions about submitting suspicious matter reports to AUSTRAC.
As part of your AML/CTF program and reporting obligations, reporting entities should be aware of which countries that may pose a high-risk of money laundering or terrorism financing.
For further information, see AUSTRAC’s guidance on high-risk countries, regions and groups.