What is a FATF jurisdiction?

What is a FATF jurisdiction?

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

Which are FATF countries?

According to July 2005 report form FATF, the following countries were listed as NCCTs.

• Cook Islands.
• Indonesia.
• Myanmar.
• Nauru.
• Nigeria.
• Philippines.

Where is the FATF secretariat?

The FATF Secretariat is located at the OECD headquarters in Paris. Since November 2015, the FATF Secretariat has been led by the Executive Secretary David Lewis.

Which country is under FATF blacklist?

FATF on terror financing As of 2019, FATF has blacklisted North Korea and Iran over terror financing. Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

Is UK a FATF country?

They are Crown Dependencies of the United Kingdom (which is an FATF Member). In October 2012 the Crown Dependencies of the UK became subject to assessment by MONEYVAL, and subject to its follow-up and other procedures and processes.

Is Pakistan member of FATF?

FATF is an inter-governmental organisation that was established in 1989 and comprises 35 member states, the European Commission and the Gulf Cooperation Council. Pakistan is not a member state of FATF: instead, it is a FATF Associate Member of the Asia/Pacific Group on Money Laundering (APG).

Is FATF and OECD?

A. The FATF and the OECD are separate organisations. Although the member countries overlap to a large degree, there are several countries which are members of the FATF and not the OECD, and vice versa. However, the FATF Secretariat (currently 40 people) is housed administratively at the OECD.

What does Greylisted country mean?

Once a country is grey listed, it is given an action plan which it must adhere to within a specific timeframe to be taken off. The decision-making body of the FATF is the Plenary, which consists of 37 member countries and 2 member organisations. The FATF takes its decisions by consensus.

Is China FATF compliant?

Today, China is compliant on 9 of the 40 Recommendations and largely compliant on 22 of them. It remains partially compliant on 3 Recommendations and non-compliant on 6 Recommendations.

What is the FATF icrg procedure?

The FATF ICRG procedure clearly articulates how a country can avoid being placed on the grey list and if the country is ultimately listed, how to be removed.

What does icrg stand for?

The Financial Action Task Force (FATF) has long had its own Charybdis: the FATF International Cooperation Review Group (ICRG) process.

What is FATF’s NCCT listing process?

Between 2000 and 2006, the FATF conducted the process on non-co-operative countries and territories (NCCTs). During this process, 23 jurisdictions were listed due to a lack of an effective AML/CFT system.

What does the FATF do to combat money laundering?

The FATF has identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation: jurisdictions for which an FATF call for action applies and other monitored jurisdictions.