High Risk Jurisdictions Circular - October 2023

Recommendation 19 of the FATF standards

Regulation 44 of the AML Regulations 2015

Further to our circular No. 5 issued on 11th July, 2023, we hereby issue Circular No. 6 to notify you of the on-going efforts by the Financial Action Taskforce (FATF) to identify and work with jurisdictions with strategic AML / CFT deficiencies. After the FATF Plenary meeting that was held from 25th- 27th October 2023, FATF has issued the following public statements identifying jurisdictions in the following categories:

1. Jurisdictions under Increased Monitoring

In light of the jurisdictions identified by FATF in its statement, "Jurisdictions under Increased Monitoring" dated 27 October 2023, a number of jurisdictions were listed as subject to increased monitoring, namely, Nigeria, South Africa, Tanzania, Barbados, Burkina Faso, Democratic Republic of Congo, Mozambique, South Sudan among others. The full details of the statement and countries can be found at https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Increased-monitoring-october-2023.html

The complete circular is available (in PDF) at this link: High Risk Jurisdictions Circular - Oct 2023