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.
In its June 2022 list of jurisdictions under increased monitoring, the Financial Action Task Force (FATF) identified 23 jurisdictions with strategic deficiencies: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates (UAE), and Yemen.
Compared to its prior listing of March 2022, Gibraltar has been added and Malta has been determined to be a jurisdiction no longer subject to increased monitoring due to significant progress in improving its AML/CFT regime.
Of note, the UAE has indicated that it will work to implement its seven-point FATF action plan, including “providing additional resources to the [financial intelligence unit] to strengthen its analysis function and enhance the use of financial intelligence to pursue high-risk [money laundering] threats”, such as proceeds of trade-based money laundering.
Iran and the Democratic People’s Republic of Korea continue to be the lone entities designated by FATF as high-risk jurisdictions subject to a call for action.
