Financial Action Task Force Urges Jurisdictions to Implement Anti-Money Laundering and Combating Financing of Terrorism Reforms
Washington D.C., [Date] - The Financial Action Task Force (FATF) has published its latest assessment of jurisdictions’ progress in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) reforms.
Jurisdictions Urged to Take Further Action
In its report, the FATF urged several jurisdictions to take further action to address remaining strategic deficiencies in their AML/CFT regimes. These jurisdictions include:
- Papua New Guinea
- Uganda
- Yemen
- Lao PDR
- Syria
Papua New Guinea
Papua New Guinea was encouraged by the FATF to:
- Bring into force its law on suspicious transaction reporting requirements
- Implement an adequate AML/CFT supervisory and oversight program for all financial sectors
- Establish effective controls for cross-border currency transactions
Uganda
Uganda was advised to continue working on addressing strategic deficiencies in its AML/CFT regime, including:
- Adequately criminalizing terrorist financing
- Establishing a fully operational financial intelligence unit
- Implementing suspicious transaction reporting requirements
Yemen
Yemen was commended by the FATF for making progress in improving its AML/CFT regime, but was urged to conduct an on-site visit to assess whether the process of implementing reforms is underway.
Lao PDR
Lao PDR was encouraged by the FATF to address remaining strategic deficiencies in its AML/CFT regime, including:
- Adequately criminalizing money laundering and terrorist financing
- Establishing effective procedures for confiscating assets related to money laundering
- Implementing suspicious transaction reporting requirements
Progress Made by Other Jurisdictions
Meanwhile, the FATF welcomed significant progress made by Ecuador and Sudan in improving their AML/CFT regimes. Both countries have established the legal and regulatory framework to meet their commitments under their action plans and are no longer subject to the FATF’s monitoring process.
Future Monitoring and On-Site Visits
The FATF will continue to monitor the situation in all jurisdictions and conduct on-site visits at the earliest possible date to assess whether reforms are being implemented effectively.
About the Financial Action Task Force
The Financial Action Task Force (FATF) is an independent inter-governmental body that sets standards and promotes effective implementation of measures to combat money laundering, terrorist financing, and other related threats. The FATF currently has 37 member jurisdictions, including the United States, European Union member states, and many other countries around the world.