Seven countries added to FATF high risk and monitored list
The Financial Action Task Force (FATF) has updated its list of "high risk and other monitored jurisdictions", the Department of Internal Affairs says.
The additional countries on the FATF list are Albania, Barbardos, Jamaica, Mauritius, Myanmar, Nicaragua and Uganda.
Trinidad and Tobago have come off the list and are no longer subject to FATF's ongoing monitoring process. The Democratic People's Republic of Korea and Iran remain on the FATF list of High Risk Jurisdications and are subject to a Call for Action.
The Department of Internal Affairs says this is a timely reminder that reporting entities are required to conduct an enhanced level of customer due diligence on all non-resident customers from countries that have insufficient AML/CFT systems or measures in place.
"There are additional requirements to monitor and examine business relationship and transactions involving these countries, and where necessary, have additional measures or restrictions on dealing with them," it says.
Further information about the requirements of the Anti-Money Laundering and Countering Funding of Terrorism Act 2009 in relation to country risk is available in the AML/CFT supervisors' Countries Assessment Guideline.
Last updated on the 25th February 2020