On March 21, FinCEN issued advisory bulletin FIN-2016-A002 notifying financial institutions of updates to the Financial Action Task Force’s (FATF) list of jurisdictions containing AML/CFT deficiencies. The FATF updated two documents categorizing certain jurisdictions: (i) the FATF Public Statement, identifying jurisdictions that are subject to the FATF’s call for countermeasures or are subject to Enhanced Due Diligence due to AML/CFT deficiencies; and (ii) the Improving Global AML/CFT Compliance: on-going process, identifying jurisdictions which have developed an action plan with the FATF to address strategic AML/CML deficiencies. Revisions to the FATF Public Statement include the removal of Myanmar (Burma); in turn, Myanmar was added to the Improving Global AML/CFT Compliance: on-going process list. Iran and North Korea remain listed as subject to countermeasures on the FATF Public Statement. Additional jurisdictions currently on the Improving Global AML/CFT Compliance: on-going process list include Afghanistan, Bosnia and Herzegovina, Guyana, Iraq, Lao PDR, Papua New Guinea, Syria, Uganda, Vanuatu, and Yemen. Algeria, Angola, and Panama were removed from the list. FinCEN reminded U.S. financial institutions that they are subject to a broad range of restrictions on dealing with Iran and North Korea. FinCEN also advised U.S. financial institutions to consider the risks associated with countries on the Improving Global AML/CFT Compliance: on-going process list, and reminded them of their general due diligence obligations, including for foreign correspondent accounts.