The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
The Financial Action Task Force (FATF) identified 23 jurisdictions under increased monitoring in October 2021 which are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
In the intervening months until March 2022, 17 of these 23 jurisdictions had their progress reviewed by FATF, resulting in Zimbabwe being designated as a jurisdiction no longer subject to increased monitoring due to its “significant progress in improving its AML/CFT regime”.
Albania
Barbados
Burkina Faso
Cambodia
Cayman Islands
Jamaica
Malta
Morocco
Myanmar
Nicaragua
Pakistan
Panama
Philippines
Senegal
South Sudan
Uganda, and
Zimbabwe
Four other countries were given the opportunity to have their progress review by FATF and chose to defer reporting.
Haiti
Jordan
Mali, and
Turkey
In the cases of Syria and Yemen, FATF was unable to conduct on- site visits to confirm process in implementation of their respective action plans.
Following review during this period, FATF added the United Arab Emirates to its March 2022 list of jurisdictions with strategic deficiencies. In its statement regarding UAE, FATF noted that in February 2022 UAE “made a high-level political commitment to work with the FATF and [FATF’s MENA regional body] to strengthen the effectiveness of its AML/CFT regime” and that the UAE will work towards implementing its FATF action plan.
As of October 2021, two countries – Iran and the Democratic People’s Republic of Korea – remain designated by FATF as high-risk jurisdictions subject to a call for action.
