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The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). The FATF produces two public documents which are issued three times a year. These public documents are the FATF’s Public Statement and the document, Improving Global AML/CFT Compliance: Ongoing Process. On June 27, 2014, The Financial Action Task Force (FATF) issued a “FATF Public Statement” identifying jurisdictions that have strategic deficiencies. The Public Statement also reaffirms its call on its members and other jurisdictions to apply appropriate countermeasures against Iran and the Democratic People’s Republic of Korea (DPRK). A copy of the FATF Public Statement can be accessed by link: The updated statement also identified jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. Those jurisdictions are listed as Algeria, Ecuador, Indonesia and Myanmar. The Commission wishes to advise the general public, including all regulated and other persons who are required to comply with the requirements of the Anti-Money Laundering and Prevention of Terrorist Financing Regulations, 2010 (as amended) and the AntiMoney Laundering and Prevention of Terrorist Financing Code 2011, to note the concerns expressed by the FATF with respect to the named jurisdictions and consider the money laundering and/or terrorist financing risks associated with each jurisdiction and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving any of the jurisdictions that have been identified by the June 27, 2014 FATF Public Statement. The FATF has also issued another statement dated June 27, 2014 and entitled, “Improving Global AML/CFT Compliance: On-Going Process”, updating the previous statement of the same name issued on February 14, 2014 in relation to jurisdictions that have committed to working with the FATF to improve their AML/CFT frameworks. These jurisdictions are Afghanistan, Albania, Angola, Argentina, Cambodia, Cuba, Ethiopia, Iraq, Kuwait, Lao PDR, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Tajikistan, Turkey, Uganda, Yemen and Zimbabwe. The document Improving Global AML/CFT Compliance: On-Going Process further notes that Kenya, Kyrgyzstan, Mongolia, Nepal and Tanzania has made significant progress in improving it AML/CFT regime, by establishing the legal and regulatory framework to meet its commitments on the action plan that these country agreed upon with the FATF. As a result these jurisdictions are no longer subject to the FATF’s ongoing global AML/CFT compliance process. A copy of the FATF Compliance Statement, “Improving Global AML/CFT Compliance: On-Going Process” can be accessed by link:

Kenisha Bacchus Senior Head & Legal Counsel