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What is Financial Action Task Force (FATF)?

Financial Action Task Force (FATF) regularly publishes the list of jurisdictions having strategic deficiencies.

What is Financial Action Task Force (FATF)?

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. FATF sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. 

Which documents are published by FATF?

FATF releases following documents with respect to jurisdictions that have strategic Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) deficiencies. 

  1. High-Risk jurisdictions subject to a Call for Action
  2. Jurisdictions under Increased Monitoring 

Which jurisdictions have been identified by FATF as having strategic deficiencies?

The jurisdictions identified as having strategic deficiencies are Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates and Yemen. 

As per the public statement, ‘Jurisdictions under Increased Monitoring’ dated June 17, 2022, Gibraltar has been added and Malta has been removed from this list. 


References

Reserve Bank of India. (2022, August 05). 'Financial Action Task Force (FATF) High risk and other monitored jurisdictions – June 17, 2022'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54155


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