Aggregated News From Investment Management Regulators

AML/CFT -Amendments to List A (High risk jurisdiction list) and List B (Jurisdictions that may pose a higher risk)

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The Authority wishes to draw your attention to some amendments to Lists A and B following the June 2020 FATF plenary.

On 28 April 2020, FATF announced that, due to the significant impact of the COVID-19 pandemic on countries’ ability to actively participate in mutual evaluation and related follow-up processes, they would temporarily postpone all remaining mutual evaluation and follow-up deadlines. The FATF plenary also agreed to a general pause in the review process for the lists of high-risk jurisdictions subject to a call for action and jurisdictions subject to increased monitoring, by granting countries an additional four months for deadlines and agreeing not to review these countries at the June 2020 plenary. Iceland and Mongolia requested not to extend their deadlines, and to continue on their current schedule.

At its June 2020 virtual plenary, FATF made the initial determination that both Iceland and Mongolia had substantially completed their action plans and warrant on-site assessments to verify that the implementation of their respective AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future. FATF will continue to monitor the COVID-19 situation and conduct these on-site visits at the earliest possible date.

Therefore, FATF’s list of jurisdictions that have strategic AML/CFT deficiencies remains the same as in February 2020 with the caveat that both Iceland and Mongolia are in a strong position to be removed, subject to on-site assessment.

The country lists have been amended by the Cabinet Office and can be viewed on the DHA’s website.

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Regulator Information

Abbreviation: IOMFSA
Jurisdiction: Isle of Man

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