On March 21, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory (FIN-2016-A002) on the Financial Action Task Force (FATF)-identified jurisdictions with strategic deficiencies in anti-money laundering (AML) and countering the financing of terrorism (CFT) regimes. The result of being identified by the FATF as having such deficiencies is that such jurisdictions may be subject to the FATF’s call for countermeasures or Enhanced Due Diligence (EDD) due to their deficiencies. Additionally, such jurisdictions are placed on the broader list of jurisdictions with AML/CFT deficiencies. Addition to this list implicates additional measures that must be taken by financial institutions in the United States when reviewing due diligence and risk-based policies, procedures and practices with respect to such jurisdictions.
The Advisory, including the updates to such jurisdictions subject to countermeasures or EDD and jurisdictions found to have AML/CFT deficiencies can be found at: https://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2016-A002.pdf.