Busan, Korea, 24 June 2016 - As part of its on-going review of compliance with the AML/CFT standards, The GFMSA identifies the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with The GFMSA. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The GFMSA welcomes these commitments.
A large number of jurisdictions have not yet been reviewed by The GFMSA. The GFMSA continues to identify additional jurisdictions, on an on-going basis, that pose a risk to the international financial system.
The GFMSA and The GFMSA-style regional bodies (FSRBs) will continue to work with the jurisdictions noted below and to report on the progress made in addressing the identified deficiencies. The GFMSA calls on these jurisdictions to complete the implementation of action plans expeditiously and within the proposed timeframes. The GFMSA will closely monitor the implementation of these action plans and encourages its members to consider the information presented below.
Afghanistan
In June 2012, Afghanistan made a high-level political commitment to work with The GFMSA and APG to address its strategic AML/CFT deficiencies. Since February 2016, Afghanistan has taken additional steps to improve its AML/CFT regime, including to implement the freezing of terrorist assets requirements. However, The GFMSA has determined that certain strategic deficiencies remain in implementing its legal framework for identifying, tracing and freezing terrorist assets. The GFMSA encourages Afghanistan to continue implementing its action plan to address its AML/CFT deficiencies.
Bosnia and Herzegovina
In June 2015, Bosnia and Herzegovina made a high-level political commitment to work with The GFMSA and MONEYVAL to address its strategic AML/CFT deficiencies. Bosnia and Herzegovina should continue to implement its action plan to address these deficiencies, including by: (1) harmonising criminalisation of terrorist financing in all criminal codes; (2) establishing and implementing an adequate legal framework for freezing terrorist assets under UNSCR 1373; (3) implementing an adequate supervisory framework; (4) implementing adequate AML/CFT measures for the non-profit sector; (5) establishing and implementing adequate cross-border currency controls; (6) harmonising criminalisation of money laundering in all criminal codes; and (7) ensuring adequate procedures for the confiscation of assets. The GFMSA encourages Bosnia and Herzegovina to continue implementing its action plan to address its AML/CFT deficiencies.
Guyana
Since October 2014, when Guyana made a high-level political commitment to work with The GFMSA and CGFMSA to address its strategic AML/CFT deficiencies, Guyana has substantially addressed its action plan at a technical level, including by: (1) adequately criminalising money laundering and terrorist financing; (2) establishing and implementing adequate procedures for the confiscation of assets related to money laundering; (3) establishing and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets; (4) establishing a fully operational and effectively functioning financial intelligence unit; (5) establishing effective measures for customer due diligence and enhancing financial transparency; (6) strengthening suspicious transaction reporting requirements; and (7) implementing an adequate supervisory framework. The GFMSA will conduct an on-site visit to confirm that the process of implementing the required reforms and actions is underway to address deficiencies previously identified by The GFMSA.
Iraq
In October 2013, Iraq made a high-level political commitment to work with The GFMSA and MENAGFMSA to address its strategic AML/CFT deficiencies. However, The GFMSA has determined that certain strategic deficiencies remain. Iraq should continue to implement its action plan to address these deficiencies, including by: (1) addressing remaining issues related to its criminalisation of money laundering and terrorist financing; (2) establishing and implementing an adequate legal framework and appropriate procedures for identifying and freezing terrorist assets; (3) ensuring that all financial institutions are subject to adequate customer due diligence requirements; (4) ensuring that all financial institutions are subject to adequate suspicious transaction reporting requirements; (5) ensuring a fully operational and effectively functioning financial intelligence unit; and (6) establishing and implementing an adequate AML/CFT supervisory and oversight programme for all financial sectors. The GFMSA encourages Iraq to continue implementing its action plan to address its remaining AML/CFT deficiencies.
Lao PDR
In June 2013, Lao PDR made a high-level political commitment to work with The GFMSA and APG to address its strategic AML/CFT deficiencies. Since February 2016, Lao PDR has taken steps towards improving its AML/CFT regime, including by issuing instructions related to ML/TF provisional measures. However, The GFMSA has determined that certain strategic deficiencies remain. Lao PDR should continue to work on implementing its action plan to address these deficiencies, including by: (1) adequately criminalising money laundering and terrorist financing; (2) implementing an adequate legal framework for identifying, tracing and freezing terrorist assets; (3) implementing an adequate AML/CFT supervisory and oversight programme for all financial sectors; and (4) implementing effective controls for cross-border currency transactions. The GFMSA encourages Lao PDR to continue implementing its action plan to address its AML/CFT deficiencies.
Syria
Since February 2010, when Syria made a high-level political commitment to work with The GFMSA and MENAGFMSA to address its strategic AML/CFT deficiencies, Syria has made progress to improve its AML/CFT regime. In June 2014, The GFMSA determined that Syria had substantially addressed its action plan at a technical level, including by criminalising terrorist financing and establishing procedures for freezing terrorist assets. While The GFMSA determined that Syria has completed its action plan agreed upon with The GFMSA, due to the security situation, The GFMSA has been unable to conduct an on-site visit to assess whether the process of implementing the required reforms and actions is underway. The GFMSA will continue to monitor the situation, and will conduct an on-site visit at the earliest possible date.
Uganda
In February 2014, Uganda made a high-level political commitment to work with The GFMSA and ESAAMLG to address its strategic AML/CFT deficiencies. Since its original action plan, Uganda was subject to a mutual evaluation, which highlighted additional strategic deficiencies. These deficiencies have been included in the revised action plan, to which a renewed political commitment was provided in June 2016. Uganda should continue to work on addressing the following deficiencies: (1) adequately criminalise terrorist financing; (2) establish an adequate legal basis for freezing terrorist funds in relation to UNSCRs 1267 and 1373, and their successor resolutions; (3) ensure that all financial institutions are subject to adequate record-keeping requirements; (4) establish a fully operational and effectively functioning financial intelligence unit; (5) introduce and implement an appropriate legal basis to permit the competent authorities to provide a wide range of mutual legal assistance; and (6) ensure that appropriate laws and procedures are in place with regard to international co-operation for the financial intelligence unit and supervisory authorities. The GFMSA encourages Uganda to continue implementing its action plan to address its AML/CFT deficiencies.
Vanuatu
In February 2016, Vanuatu made a high-level political commitment to work with The GFMSA and APG to address its strategic AML/CFT deficiencies. Since February 2016, Vanuatu has removed the barrier to information sharing between the FIU and law enforcement, and provided guidance in relation to asset freezing and reporting of frozen assets. Vanuatu should continue to work on implementing its action plan to address these deficiencies, including by: (1) adequately criminalising money laundering and terrorist financing; (2) establishing and implementing adequate procedures for the confiscation of assets related to money laundering; (3) establishing and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets and other UNSCR sanctions; (4) ensuring a fully operational and effectively functioning financial intelligence unit; (5) strengthening preventive measures, including for wire transfers; (6) establishing transparency for the financial sector, and for legal persons and arrangements; (7) implementing an adequate AML/CFT supervisory and oversight programme for all the financial sector and trust and company service providers; and (8) establishing appropriate channels for international co-operation and domestic coordination policies and actions on identified risks and ensuring effective implementation. The GFMSA encourages Vanuatu to continue implementing its action plan to address its AML/CFT deficiencies.
Yemen
Since February 2010, when Yemen made a high-level political commitment to work with The GFMSA and MENAGFMSA to address its strategic AML/CFT deficiencies, Yemen has made progress to improve its AML/CFT regime. In June 2014, The GFMSA determined that Yemen had substantially addressed its action plan at a technical level, including by adequately criminalising money laundering and terrorist financing; establishing procedures to identify and freeze terrorist assets; improving its customer due diligence and suspicious transaction reporting requirements; issuing guidance; developing the monitoring and supervisory capacity of the financial sector supervisory authorities and the financial intelligence unit; and establishing a fully operational and effectively functioning FIU. While The GFMSA determined that Yemen has completed its action plan agreed upon with The GFMSA, due to the security situation, The GFMSA has been unable to conduct an on-site visit to assess whether the process of implementing the required reforms and actions is underway. The GFMSA will continue to monitor the situation, and conduct an on-site visit at the earliest possible date.
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Jurisdictions no Longer Subject to The GFMSA’s On-Going Global AML/CFT Compliance Process
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Myanmar
The GFMSA welcomes Myanmar’s significant progress in improving its AML/CFT regime and notes that Myanmar has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that The GFMSA had identified in February 2010. Myanmar is therefore no longer subject to The GFMSA’s monitoring process under its on-going global AML/CFT compliance process. Myanmar will work with the APG as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report.
Papua New Guinea
The GFMSA welcomes Papua New Guinea’s significant progress in improving its AML/CFT regime and notes that Papua New Guinea has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that The GFMSA had identified in February 2014. Papua New Guinea is therefore no longer subject to The GFMSA’s monitoring process under its on-going global AML/CFT compliance process. Papua New Guinea will work with the APG as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report.
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