High-risk Jurisdictions
High-risk and monitored jurisdictions refer to countries that the FATF (Financial Action Task Force) have deemed to lack a solid strategic plan to combat money laundering, proliferation financing and terrorist financing.
For context, the FATF is an international entity that aims to develop and promote anti-money laundering, anti-terrorist financing, and anti-proliferation financing measures to maintain global financial security.
These countries are then subject to being monitored. They must improve their due diligence and, in worst-case scenarios, apply countermeasures to safeguard the international financial system from financial security violations. The FATF regularly updates the list of High-Risk jurisdiction countries subject to Call for Action as follows:
- Democratic Republic of Korea
- Iran
- Myanmar
Countries under increased monitoring (also known as the “grey list”) have developed solid strategic plans by promptly resolving their strategic deficiencies within the timeline set and are closely monitored by FATF. Below is the most recently updated list of Jurisdictions under Increased Monitoring:
- Bulgaria
- Burkina Faso
- Cameroon
- Croatia
- Democratic Republic of the Congo
- Haiti
- Kenya
- Mali
- Monaco
- Mozambique
- Namibia
- Nigeria
- Philippines
- Senegal
- South Africa
- South Sudan
- Syria
- Tanzania
- Venezuela
- Vietnam
- Yemen
Please note that the high-risk jurisdictions list and jurisdictions subject to increased monitoring list are constantly updated. So, please ensure you check the FATF sites regularly to stay updated.