FinCEN advisory on FATF update

FinCEN Advisory FIN-2018-A004 responds to FATF's updated list of jurisdictions with strategic anti-money laundering/counter-terrorist financing (AML/CFT) deficiencies. Iraq and Vanuatu have been removed from the list and are no longer subject to the FATF’s monitoring process under their ongoing global AML/CFT compliance processes. Pakistan has been added to the list and will undergo monitoring by FATF’s International Co-operation Review Group based on the specific AML/CFT deficiencies highlighted by the FATF.

FATF also issued a "public statement" on North Korea and Iran, indicating that those countries have strategic deficiencies in their AML/CFT regimes and calling upon FATF members and urging all jurisdictions to (1) impose countermeasures and/or (2) apply enhanced due diligence proportionate to the risks arising from North Korea and Iran.