The Financial Action Task Force (FATF) concluded its October Plenary meeting in Paris recently. Delegates attended the meeting from more than 200 jurisdictions around the world.
At the meeting, four jurisdictions were removed from the list of Jurisdictions Under Increased Monitoring. They are Burkina Faso, Mozambique, Nigeria and South Africa and they are no longer under increased monitoring. No new countries were added to the list.
There are twenty countries remaining on the list known as the Grey List. These jurisdictions are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing
| Algeria | Lebanon |
| Angola | Monaco |
| Bolivia | Namibia |
| Bulgaria | Nepal |
| Cameroon | South Sudan |
| Côte d’Ivoire | Syria |
| Democratic Republic of the Congo | Venezuela |
| Haiti | Vietnam |
| Kenya | Virgin Islands (UK) |
| Lao PDR | Yemen |
Three other countries which are known as High-Risk Jurisdictions are subject to a Call for Action at the 24 October meeting. They are the Democratic Republic of Korea (North Korea), Iran and Myanmar (formerly Burma). Some commentators call these countries the Red List.
For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
