FATF Identifies Jurisdictions with Strategic Deficiencies

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Saturday, May 1, 2010
Bruce Zagaris
On February 18, 2010, the Financial Action Task Force issued a statement, identifying jurisdictions that have strategic deficiencies. 1. Jurisdictions In Need of Countermeasures FATF requested its members and other jurisdictions to apply countermeasures to protect the international financial system from ongoing and substantial money laundering and terrorist financing risks from Iran. FATF expressed concern about Iran’s failure to address the risk of terrorist financing and the serious threat this poses to the integrity of the international financial system. The FATF urged Iran to immediately and meaningfully address its AML/CFT deficiencies, especially by criminalizing terrorist financing and effectively implementing suspicious transaction reporting (STR) requirements...more...