The International Financial Services Centres Authority (IFSCA) on August 16, 2023, issued a notification regarding the Financial Action Task Force (FATF) High risk and other monitored jurisdictions in June 2023.
The following has been stated namely: -
• The Financial Action Task Force (FATF) had identified certain jurisdictions as having strategic deficiencies and has developed an action plan with FATF to deal with them.
• The following jurisdictions have now been added to the list namely: -
1. Cameroon
2. Croatia
3. Vietnam
• The advice does not preclude the regulated entities licensed/recognized/registered or authorized by IFSCA from legitimate trade and business transactions with the countries and jurisdictions mentioned there.
• The FATF plenary releases documents titled “High-Risk jurisdictions subject to a Call for Action” and “Jurisdictions under Increased Monitoring” with respect to jurisdictions that have strategic AML/CFT deficiencies as part of the ongoing efforts to identify and work with jurisdictions with strategic Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) deficiencies.
