Seven more countries on Financial Action Task Force’s watchlist

The Financial Action Task Force (FATF) has added an additional seven more countries to its high-risk jurisdictions list for deficiencies in their anti-money laundering or counter terrorism financing protocols.

Albania, Barbados, Jamaica, Mauritius, Myanmar, Nicaragua and Uganda are the new countries to be placed on the list, according to an article from St Lucia News Online. The other counties already in the list are Panama, Bahamas, Iceland, Pakistan, Syria, Yemen, Mongolia, Cambodia, Ghana, Zimbabwe and Botswana.

The FATF stated the countries on the high-risk jurisdiction list have not rectified identified strategic deficiencies within an agreed time frame, the article said. Each of the countries on the list are under increased monitoring and are working with the FATF to improve their AML and CTF protocols.

Jamaica has been actively working with the task force and the Caribbean Financial Action Task Force to improve its AML/CFT regime. The country has allegedly made good progress on the recommended actions including improving the technical compliance and amending its due diligence standards.


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