JFSC High risk countries as at Feberuary 2012

JFSC High risk countries as at Feberuary 2012 – Appendix D of the JFSC AML handbook provides details of countries and territories that are:

(i) covered by a FATF statement;
(ii) covered by a statement made by a FATF Style Regional Body;
(iii) covered by an ongoing FATF process to improve global anti-money laundering/ countering the financing of terrorism (“AML/CFT”) compliance; or
(iv) covered by a statement made by one or more countries or territories, with respect to the AML/CFT regime in a particular country or territory. Where necessary, details are also provided of any associated public statements.

Groups of countries

The table groups countries and territories under three headings and will be updated as and when the Commission becomes aware of necessary amendments.

Group 1 – Countries and territories covered by enhanced customer due diligence measures
This group covers countries and territories that are to be treated as countries and territories that do not apply, or insufficiently apply, the FATF Recommendations under Article 15(3A) of the Money Laundering Order. See Section 3.4.2 and 5.2.1.
Iran – FATF Statement of 16 February 2012
Democratic People’s Republic of Korea – FATF Statement of 16 February 2012
Group 2 – Countries and territories that are to be considered to present a higher risk

This group covers countries and territories that are to be considered to present a higher risk for the purpose of assessing country risk under normal customer due diligence measures (see 3.4.2).

Where a country or territory is included in Group 2, this will also be relevant to an assessment of risk conducted by a relevant person under 4.10.1 – where reliance is placed on intermediaries and introducers.
Group 2 is not intended to provide an exhaustive summary of countries and territories that are considered to be “higher” risk and no conclusion should be drawn from the omission of a particular country or territory from the group.

Bolivia – FATF Statement of 16 February 2012
Cuba – FATF Statement of 16 February 2012
Ethiopia – FATF Statement of 16 February 2012
Ghana – FATF Statement of 16 February 2012
Indonesia – FATF Statement of 16 February 2012
Kenya – FATF Statement of 16 February 2012
Myanmar – FATF Statement of 16 February 2012
Nigeria – FATF Statement of 16 February 2012
Pakistan – FATF Statement of 16 February 2012
São Tomé & Príncipe – FATF Statement of 16 February 2012
Sri Lanka – FATF Statement of 16 February 2012
Syria – FATF Statement of 16 February 2012
Tanzania – FATF Statement of 16 February 2012
Thailand – FATF Statement of 16 February 2012
Turkey – FATF Statement of 16 February 2012

Group 3 – Countries and territories that might be considered to present a higher risk

This group covers countries and territories that the FATF has – to date – identified as having strategic AML/CFT deficiencies and which a relevant person will need to take account of when assessing country risk under customer due diligence measures (see 3.3.4.1).

Where a country or territory is included in Group 3, this will also be relevant to an assessment of risk conducted by a relevant person under 4.10.1 – where reliance is placed on intermediaries and introducers.

A large number of countries and territories have not yet been reviewed by the FATF, which will continue to identify additional countries and territories that pose a risk in the international financial system.

Accordingly, Group 3 is not intended to provide an exhaustive summary of countries and territories that might be considered by a relevant person to present a particular risk and no conclusion should be drawn from the omission of a particular country or territory from the group.