Additional countries compliant with FATF standards and measures to be taken towards others jurisdictions

Argentina, Cuba, Ethiopia, Tajikistan and Turkey are considered compliant with respect to the AML/CFT standard defined by the Financial Action Task Force (FATF).  However, registered diamond dealers must apply enhanced customer due diligence measures to their customers when persons are domiciled or established in one of the following 6 jurisdictions: Iran, Democratic People’s Republic of Korea, Algeria, Ecuador, Indonesia, Myanmar.

Argentina, Cuba, Ethiopia, Tajikistan and Turkey have shown significant progress in improving their AML /CFT standard in such as way that they are no longer considered high risk.

In addition, in its public statement of 24 October 2015, the FATF identified several jurisdictions that still pose a significant risk to the international financial system due to their lack of a comprehensive AML/CFT regime: Iran, Democratic People’s Republic of Korea, Algeria, Ecuador, Indonesia, Myanmar. For two of these jurisdictions, Iran and the Democratic People’s Republic of Korea, the FATF still requires taking countermeasures.

This statement means that the diamond dealers who are subject to the Law of 11 January 1993 (the anti-money laundering law) must apply enhanced customer due diligence measures with respect to transactions with customers who are domiciled or established in any of these countries, or are in any way involved herewith.

Furthermore, as part of its ongoing review of compliance with the AML/CFT standards, the FATF has to date identified the certain jurisdictions that have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.  The diamond dealers are requested to consider the specific risks associated with the following countries when making their risk assessment:  Afghanistan, Albania, Angola, Cambodia, Guyana, Iraq, Yemen, Kuwait, Laos, Namibia, Nicaragua, Uganda, Pakistan, Panama, Papua-New-Guinea, Philippines, Sudan, Syria, Zimbabwe.

You can find the complete announcement here.

For further details on the deficiencies of each of these jurisdictions, please refer to this document.