FATF holds plenary meeting

In among the publications heralding MLD4’s implementation, FATF held its latest plenary meeting. Key announcements included:

  • continuing concern over North Korea and a continued call for members to apply effective counter-measures and enhanced scrutiny when dealing with it. It also reminds jurisdictions to take “necessary measures” to close existing branches, subsidiaries and representative offices of North Korean banks within their territories and terminate correspondent relationships with those banks where UNSC Resolutions require it;
  • continued suspension of the counter-measures against Iran, but FATF will keep monitoring Iran’s progress on its Action Plan so it will remain on the Public Statement until this is completed. As a result EDD should still be applies in dealings with institutions and persons from Iran;
  • Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu and Yemen remain noted as having strategic deficiencies, while Afghanistan and Lao PDR are now no longer subject to the FATF ongoing compliance process.

Treasury has updated its advisory in line with the FATF announcement.