The International Financial Services Centres Authority (IFSCA) on November 01, 2023, issued the notification regarding the Financial Action Task Force (FATF) High risk and other monitored jurisdictions
The following has been stated namely: -
• FATF had identified the following jurisdictions as having strategic deficiencies which have developed an action plan with the FATF to deal with them.
• These “Jurisdictions under Increased Monitoring” are: - Barbados, Burkina Faso, Cameroon, Democratic Republic of Congo, Croatia, Gibraltar, Haiti, Jamaica, Mali, Mozambique, Nigeria, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Turkiye, Uganda, United Arab Emirates, Vietnam and Yemen. Bulgaria has now been added to the list of Jurisdictions under Increased Monitoring while Albania, the Cayman Islands, Jordan, and Panama have been removed from this list.
• 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.
