Newsletter 713: Update on FATF high-risk countries and jurisdictions under increased monitoring
Ladies and Gentlemen, Dear Members
We are hereby informing you that the FATF (Financial Action Task Force) has updated its list of high-risk countries as well as its list of jurisdictions under increased monitoring.
Both high-risk countries and jurisdictions under increased monitoring, have significant shortcomings in their anti-money laundering and anti-terrorist financing arrangements and therefore increased due diligence obligations must be applied to these countries. Unlike the high-risk countries, the jurisdictions under increased monitoring are actively working with the FATF to address their strategic shortcomings.
Further information can be found here:
Jurisdictions under Increased Monitoring
The application of increased due diligence obligations with these countries is expressed in the fact that business relationships with persons residing in such a country are in any case considered as high-risk business relationships (cf. Art. 58 SRO regulations 2020) and transactions from or to one of these countries are considered as high-risk transactions (cf. Art. 59 SRO regulations 2020). Such business relationships and transactions require additional clarifications.
List of high-risk countries and other countries under increased observation:
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High Risk Countries |
Jurisdictions under Increased Monitoring |
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We would also like to point out that the update of the FATF lists has resulted in an adjustment of the VQF country list (VQF doc. no. 902.4.1). VQF members can find the current country list in the Member Area on the Collaboration Platform.
Kind regards
VQF
Financial Services Standards Association
Please note that only the German version is legally binding.