Financial Action Task Force (FATF) has released an update on high-risk and monitored jurisdictions as of February 21, 2025. The statement reiterates previous advisories from February 2020 and October 2022, highlighting jurisdictions with strategic Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) deficiencies. FATF has identified several jurisdictions under increased monitoring, including Algeria, Angola, Bulgaria, Kenya, Nigeria, South Africa, and Venezuela, among others. The Philippines has been removed from this list based on the decision made in the February 2025 FATF Plenary. The update does not restrict entities regulated by the International Financial Services Centres Authority (IFSCA) from conducting legitimate trade and business transactions with the listed jurisdictions. FATF regularly assesses jurisdictions for compliance with AML/CFT standards and works with them to address deficiencies. More details can be accessed through the official FATF website.
INTERNATION FINANCIAL
SERVICES CENTRES AUTHOURITY
PRESS RELEASE
Financial Action Task Force (FATF) High risk and other monitored jurisdictions – February 21, 2025
The Financial Action Task Force (FATF), vide public statement ‘High-Risk Jurisdictions subject to a Call for Action’ dated February 21, 2025, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020 and October 2022.
Further, FATF had earlier identified the following jurisdictions as having strategic deficiencies which have developed an action plan with the FATF to deal with them. The “Jurisdictions under Increased Monitoring” are Algeria, Angola, Bulgaria, Burkina Faso, Cameroon, Côte d’Ivoire, Croatia, Democratic Republic of the Congo, Haiti, Kenya, Lao PDR, Lebanon, Mali, Monaco, Mozambique, Namibia, Nepal, Nigeria, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam, Yemen. As per the public statement, Philippines has been removed from the list of Jurisdictions under Increased Monitoring based on the decision made at the February 21, 2025, FATF Plenary. Such advice does not preclude the regulated entities licensed/ recognized/ registered or authorized by IFSCA from legitimate trade and business transactions with the countries and jurisdictions mentioned here.
The FATF plenary releases documents titled “High-Risk jurisdictions subject to a Call for Action” and “Jurisdictions under Increased Monitoring” with respect to jurisdictions that have strategic AML/CFT deficiencies as part of the ongoing efforts to identify and work with jurisdictions with strategic Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) deficiencies.
Detailed information is available in the updated public statements and document released by FATF on February 21, 2025. The statements and document can be accessed at the following URL:
1. https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Call-for-action-february-2025.html
2. https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2025.html
About FATF
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and countermeasures and promotes the adoption and implementation of appropriate measures globally. The FATF’s decision making body, the FATF Plenary, meets three times a year and updates these statements, which may be noted.
Gandhinagar
March 05, 2025
*********
