The Financial Crimes Enforcement Network, an intergovernmental body tasked with establishing international standards for anti-money laundering and countering the financing of terrorism and the proliferation of weapons of mass destruction, has issued an advisory to notify financial institutions of jurisdictions with strategic AML/CTF deficiencies. The list has not changed since its last publication in February 2020.
The FATF recommends that institutions apply increased monitoring to transactions involving Albania, the Bahamas, Barbados, Botswana, Myanmar, Cambodia, Ghana, Jamaica, Mauritius, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, and Zimbabwe. The current list, dated October 23, 2020, describes the situation in each of those jurisdictions, including the progress that has been made toward strengthening the effectiveness of the relevant AML/CFT regimes, along with an explanation of why Iceland and Mongolia are no longer subject to increased monitoring.