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12/11/2018

Public Statement and document on “Improving Global AML/CFT Compliance :On-going Process” published by FATF

The Financial Action Task Force (“FATF”), the global standard-setting body for anti-money laundering and combating the financing of terrorism (“AML/CFT”), published the following documents on 19 October 2018:

(1) Public Statement in respect of Democratic People’s Republic of Korea (DPRK) and Iran
   (i) DPRK

  • The FATF remains concerned by the DPRK’s failure to address the significant deficiencies in its AML/CFT regime and the serious threats they pose to the integrity of the international financial system.  Further, the FATF has serious concerns with the threat posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing.
  • The FATF reaffirms its 25 February 2011 call on its members and urges all jurisdictions, which we hereby do, to advise you to give special attention to business relationships and transactions with the DPRK, including DPRK companies, Financial Institutions (FIs) and those acting on their behalves.  Please refer to the Public Statement for more details.
   (ii) Iran
  • The FATF expresses its disappointment that the majority of the Action Plan of Iran remains outstanding and expects Iran to fully address the outstanding items including, among others, (i) adequately criminalising terrorist financing; (ii) identifying and freezing terrorist assets; (iii) ensuring an adequate and enforceable customer due diligence regime; and (iv) ensuring that FIs verify that wire transfers contain complete originator and beneficiary information.
  • The FATF calls on its members and urges all jurisdictions, which we hereby do, to advise you to apply enhanced due diligence measures, including obtaining information on the reasons for intended transactions, business relationships and transactions with natural and legal persons from Iran.  Please refer to the Public Statement for more details.
     
(2) Improving Global AML/CFT Compliance : On-going Process
  • As part of its ongoing review of compliance with the AML/CFT standards, FATF identified 11 jurisdictions (The Bahamas, Botswana, Ethiopia, Ghana, Pakistan, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen) with strategic AML/CFT deficiencies.
  • The FATF encourages members to consider the information presented in the 19 October 2018 issue of “Improving Global AML/CFT Compliance: On-going Process” which sets out the high-level political commitment provided by each of the jurisdictions in question to address the identified deficiencies, including to (i) ensure the timely access to adequate, accurate and current basic and beneficial ownership information; (ii) ensure the implementation without delay of targeted financial sanctions measures related to terrorist financing and proliferation financing; (iii) establish procedures to identify and freeze terrorist assets; and (iv) improve customer due diligence and suspicious transaction reporting requirements etc.

Please duly take note of the concerns and observations made by the FATF in the above documents.

09/11/2018

United Nations Security Council Sanctions Against South Sudan

The list of individuals and entities published under section 32 of the United Nations Sanctions (South Sudan) Regulation 2018 was updated on 9 November 2018.  For details, please refer to the Updated List.

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