FATF releases call for action on its members and other jurisdictions to apply countermeasures in respect of “black listed” high-risk jurisdictions
25 Jul 2024
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On 28 June 2024, the Financial Action Task Force (FATF) highlighted significant deficiencies in high-risk jurisdictions' efforts to combat money laundering, terrorist financing, and proliferation financing. On that basis, FATF released a call for action on its members and other jurisdictions to apply countermeasures to safeguard the global financial system. Iran remains the sole country listed since February 2020, with no substantial changes reported as of January 2024.
Due to heightened risks related to proliferation financing, the FATF emphasises the need for countermeasures against these high-risk jurisdictions. Specifically, Iran and the Democratic People's Republic of Korea are subject to calls for countermeasures, while Myanmar is urged to adopt improved due diligence measures proportional to the risks involved. This list is commonly referred to externally as the "black list."
The FATF's call for action on these high-risk jurisdictions highlights the need for strong international measures to protect the financial system from money laundering, terrorist financing, and proliferation financing risks.
The FATF’s press release can be found here.
