Paris, 27 February 2015 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.
Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdictions. |
Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below. |
Algeria has taken steps towards improving its AML/CFT regime, including by enacting AML/CFT amendments on 15 February 2015 and issuing new customer due diligence guidelines on 8 February 2015. The FATF welcomes this development, but has not assessed the new measures due to their recent nature, and therefore the FATF has not yet determined the extent to which they address any of the following issues: (1) adequately criminalising terrorist financing; (2) establishing and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets and (3) adopting customer due diligence obligations in compliance with the FATF Standards. Algeria also needs to issue corresponding asset freezing regulations. The FATF encourages Algeria to address its remaining deficiencies and continue the process of implementing its action plan.
Ecuador has taken steps towards improving its AML/CFT regime, including by issuing CFT regulations for the freezing of terrorist assets and AML/CFT regulations for the supervision of credit and savings cooperatives. The FATF welcomes these developments. The new asset freezing regulations, due to their recent nature, have yet to be assessed by the FATF to determine the extent to which they establish adequate procedures to identify and freeze terrorist assets. Ecuador also needs to continue enhancing financial sector AML/CFT supervision, in particular the credit and savings cooperatives sector. The FATF encourages Ecuador to address its remaining deficiencies and continue the process of implementing its action plan.
Myanmar has taken steps towards improving its AML/CFT regime. However, despite Myanmar’s high-level political commitment to work with the FATF and APG to address its strategic AML/CFT deficiencies, Myanmar has not made sufficient progress in implementing its action plan, and certain strategic AML/CFT deficiencies remain. Myanmar should continue to work on implementing its action plan to address these deficiencies, including by: (1) adequately criminalising terrorist financing; (2) establishing and implementing adequate procedures to identify and freeze terrorist assets; (3) ensuring an operationally independent and effectively functioning financial intelligence unit; and (4) strengthening customer due diligence measures. The FATF encourages Myanmar to address the remaining deficiencies and continue the process of implementing its action plan.