FATF Plenary and Working Group Meetings 2024

October 2024

A Summary of the issues discussed and decided by the Plenary in October 2024.

“Black list": The FATF did not add any new jurisdictions to the list of High-Risk Jurisdictions subject to a Call for Action. These high-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country.

Jurisdictions subject to a FATF call to apply countermeasures

Democratic People's Republic of Korea (DPRK) - The FATF reiterates its concerns over DPRK’s continued failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction and its financing. In particular, the FATF notes that the DPRK has increased connectivity with the international financial system, which raises proliferation financing risks. The FATF reiterates the need for all countries to robustly implement the targeted financial sanctions in accordance with UNSC Resolutions and apply the following countermeasures:

Terminate correspondent relationships with DPRK banks;
Close any subsidiaries or branches of DPRK banks in their countries; and
Limit business relationships & financial transactions with DPRK persons.

Iran - FATF remains concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system. Until Iran implements the measures required to address the deficiencies identified with respect to countering terrorism-financing in the Action Plan, Iran will remain on the FATF statement on High Risk Jurisdictions subject to a call for action.

Jurisdiction subject to a FATF call to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction

Myanmar - When applying enhanced due diligence measures, it is important to ensure that flows of funds for humanitarian assistance, legitimate NPO activity and remittances are neither disrupted nor discouraged.

"Grey list": The FATF revised the list of jurisdictions with strategic deficiencies in their approach to preventing and detecting money laundering and terrorist financing and with whom the FATF has developed an action plan to address the identified deficiencies. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. The FATF does not call for the application of enhanced due diligence to be applied to these jurisdictions but encourages its members to take into account the observations made by the FATF in their risk analysis

New jurisdictions subject to increased monitoring - Algeria, Angola, Côte d’Ivoire and Lebanon.

Jurisdiction no longer under increased monitoring – Senegal

June 2024

A summary of the issues discussed and decided by the Plenary in June 2024 is available on the FATF website.

The FATF did not add any new jurisdictions to the list of High-Risk Jurisdictions subject to a Call for Action. These high-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country. This list is often externally referred to as the “black list”.

Jurisdictions subject to a FATF call to apply countermeasures: Democratic People's Republic of Korea (DPRK) and Iran.

The FATF reiterates its concerns over DPRK’s continued failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction and its financing. In particular, the FATF notes that the DPRK has increased connectivity with the international financial system, which raises proliferation financing risks. The FATF reiterates the need for all countries to robustly implement the targeted financial sanctions in accordance with UNSC Resolutions and apply the following countermeasures:

Terminate correspondent relationships with DPRK banks;
Close any subsidiaries or branches of DPRK banks in their countries; and
Limit business relationships & financial transactions with DPRK persons.

Jurisdiction subject to a FATF call to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction: Myanmar. When applying enhanced due diligence measures, it is important to ensure that flows of funds for humanitarian assistance, legitimate NPO activity and remittances are not disrupted.

The FATF also revised the list of jurisdictions with strategic deficiencies in their approach to preventing and detecting money laundering and terrorist financing and with whom the FATF has developed an action plan to address the identified deficiencies. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. The FATF does not call for the application of enhanced due diligence to be applied to these jurisdictions but encourages its members to take into account the observations made by the FATF in their risk analysis. This list is often externally referred to as the "grey list".

New jurisdictions subject to increased monitoring: Monaco and Venezuela.

Jurisdiction no longer under increased monitoring: Jamaica and Türkiye.

February 2024

A summary of the issues discussed and decided by the Plenary in February 2024 is available on the FATF website.

Jurisdictions subject to a FATF call to apply countermeasures: Democratic People's Republic of Korea (DPRK) and Iran.

Jurisdiction subject to a FATF call to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction: Myanmar.

When applying enhanced due diligence measures, it is important to ensure that flows of funds for humanitarian assistance, legitimate NPO activity and remittances are not disrupted.

The FATF also revised the list of jurisdictions with strategic deficiencies in their approach to preventing and detecting money laundering and terrorist financing and with whom the FATF has developed an action plan to address the identified deficiencies. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. The FATF does not call for the application of enhanced due diligence to be applied to these jurisdictions, but encourages its members to take into account the observations made by the FATF in their risk analysis. This list is often externally referred to as the "grey list".

New jurisdictions subject to increased monitoring: Kenya and Namibia.

Jurisdiction no longer under increased monitoring: Barbados, Gibraltar, Uganda and the United Arab Emirates.