Industry Circular 26 of 2024 - FATF PUBLIC STATEMENTS - JUNE 2024

FATF Public Statements

The Financial Services Commission (the Commission) wishes to advise that on 28 June 2024 the Financial Action Task Force (FATF) issued its latest public statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter financing of terrorism (AML/CFT) regimes.

The Commission asks that all persons who are required to comply with the requirements of the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 note the concerns expressed by the FATF with respect to the named jurisdictions and consider the associated money laundering, terrorist financing and/or proliferation financing risks.  

The Commission further urges all persons to:
a)    apply appropriate due diligence measures when dealing with customers or handling transactions connected with any of the jurisdictions under increased monitoring by the FATF;

b)    apply enhanced customer due diligence and, where necessary, other counter measures to protect the international financial system from risks emanating from identified high-risk jurisdictions subject to a call for action by the FATF; and

c)    continually monitor transactions of clients based in or doing business with any of the jurisdictions identified in the FATF’s public statements for changes that may warrant a change in due diligence measures.

The latest FATF Public Statement notifications identifying the countries under increased monitoring and those subject to a call for action by the FATF can be found here on the Commission’s website.