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FinCEN Issues FATF-Related Advisories on AML/CFT Risks
Today, the Financial Crimes Enforcement Network (FinCEN) issued an advisory (FIN-2013-A004) to inform banks and other financial institutions operating in the United States of the risks of money laundering and financing of terrorism associated with jurisdictions identified by the Financial Action Task Force (FATF) on February 22, 2013 as having deficiencies in their anti-money laundering/counter-terrorist financing (AML/CFT) regimes and that (i) have not made sufficient progress in addressing these deficiencies or (ii) are subject to FATF’s call for countermeasures. In addition, FinCEN issued a complementary advisory (FIN-2013-A003) that addresses a separate, but related, FATF document identifying jurisdictions with strategic AML/CFT deficiencies, for which each jurisdiction has provided a high-level political commitment to address.
· FIN-2013-A004 -- Guidance to Financial Institutions Based on the Financial Action Task Force Public Statement on Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Risks (http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-A004.pdf)
· FIN-2013-A003 -- Guidance to Financial Institutions Based on the Financial Action Task Force Publication on Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Risks posed by Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Bolivia, Brunei Darussalam, Cambodia, Cuba, Kuwait, Kyrgyzstan, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Philippines, Sri Lanka, Sudan, Thailand, Tajikistan, Zimbabwe, and the substantial AML/CFT improvements in Ghana and Venezuela (http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-A003.pdf)
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