Updated FATF Statements to be Taken into Account for AML/CFT Risk Management

Based on the results provided by the Financial Action Task Force’s (FATF) International Co-operation Review Group (ICRG), the FATF has updated its public statements on high-risk and non-cooperative jurisdictions at its plenary meeting held in February 2018.

As a result, on February 28, 2018, FINMA called on Swiss financial intermediaries to take the updated public statements into account for their AML/CFT risk management strategies.

The FATF’s Public Statement identifies countries with serious strategic deficiencies that require FATF members to apply countermeasures or enhanced due diligence procedures. The document currently contains Public Statements on North Korea (counter measures) and Iran (enhanced due diligence).

The FATF’s publication titled “Improving Global AML/CFT Compliance: on-going process” lists countries with strategic weaknesses in their AML/CFT systems, which have shown a high-level of commitment to an action plan developed jointly with the FATF.