On 21 October 2022, the FATF issued the following statement: “High-Risk Jurisdictions subject to call for action”.
In light of the jurisdictions identified by FATF in the statement, the Minister of Financial Services and Good Governance has, on the recommendation of the National Committee, identified the following countries as high-risk countries:
- Democratic People’s Republic of Korea (DPRK) – unchanged since February 2020;
- Iran – unchanged since February 2020; and
- Myanmar since 21 October 2022.
Reporting persons are reminded of their obligations under section 17H (2) of the FIAMLA, to apply such enhanced due diligence measures which are prescribed in the Financial Intelligence and Anti-Money Laundering Regulations 2018 with respect to business relations or transactions involving those high-risk countries. For more details, please click here to read the publication.