Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)

 
 High-risk and non-cooperative jurisdictions
 
Due to the increased interconnectivity of the global network and financial systems, international channels are at high risk of being abused for ML or TF purposes. It is therefore fundamental for all jurisdictions to cooperate in the fight against ML and TF, but also to ensure that all jurisdictions apply to maximum extent international standards in this matter on a national level in order to avoid the criminals to abuse possible lacunas. In this respect, the FATF is monitoring implementation of its standards across the globe and identifying jurisdictions with strategic weaknesses in their national AML/CFT regimes. Consequently, the FATF works with these jurisdictions to enhance their efforts to remedy the remaining shortcomings. In addition, identified weaknesses are brought to the attention of the global network with the view of applying risk-sensitive approach to financial interactions with these countries.

In this respect, the FATF established in 2007 the International Co-operation Review Group (ICRG) (previously the NCCT process). The ICRG analyses high-risk jurisdictions and recommends specific actions to be taken to address the risks emanating from them. Principally, countries are referred to the ICRG based on the conclusions of the mutual evaluations. An action plan is developed in cooperation with the jurisdiction in question and high-level political commitment is required to implement these actions in the set timeframe.

Based on this process, the FATF issued in 2010, and regularly up-dates the following public documents:
 -        “Public Statement” (which identifies jurisdictions with strategic AML/CFT deficiencies to which countermeasures apply and jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress or have not expressed a political commitment to address identified deficiencies), and
 -        “Improving Global AML/CFT Compliance: On-going Process” (jurisdictions with strategic AML/CFT deficiencies that provided a high-level commitment to implement the action plan developed together with the FATF)

Public notices from the international fora in respect of high-risk and non-cooperative jurisdictions.