Apr 29, 2024

Removal of Barbados, Gibraltar, Uganda and UAE from Increased Monitoring by FATF

The FATF identifies certain countries that are prone to strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. Such jurisdictions, which are under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes by committing to swiftly resolve the identified strategic deficiencies within agreed timeframes. The FATF issued a publication regarding increased monitoring for certain jurisdictions on February 23, 2024 (‘Publication’) which addressed the addition and removal of certain jurisdictions from increased monitoring by the FATF. Pursuant to the Publication, Barbados, Gibraltar, Uganda and the United Arab Emirates (UAE) are now no longer subject to increased monitoring by the FATF due to the significant progress in countering money laundering, terrorist financing and proliferation financing by these jurisdictions. The steps from these jurisdictions which were acknowledged by the FATF inter alia included appropriate measures to prevent legal persons and arrangements from being misused for criminal purposes; keeping money laundering investigations and prosecutions in line with country’s risk profile; applying effective and proportionate sanctions in non-bank financial institutions; demonstrating an ability to conduct terrorist financing investigation and prosecution; and increasing outbound mutual legal assistance requests to facilitate investigations.




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