On October 18, 2019, the Financial Action Task Force (FATF) issued a publication updating its list of jurisdictions with anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies. Financial institutions (FIs) should consider these changes when reviewing their overall BSA/AML programs and risk-based policies, procedures and practices.
The FATF is charged with monitoring jurisdictions for compliance to their global AML/CTF standards, and reporting countries with strategic deficiencies. Their publication to improve global compliance efforts is published quarterly.