The Financial Action Task Force (FATF) issued an updated Public Statement that highlighted the strategic deficiencies in some AML/CFT regimes. Accountants should accord due consideration to the FATF Statement and take appropriate actions and level of due diligence measures in accordance with Ethics Pronouncement 200.
Separately, the FATF also issued an updated Statement on its on-going process to improve global AML/CFT compliance. This statement provides information on a list of jurisdictions that have committed to action plans to address and strengthen their respective AML/CFT deficiencies, and would assist financial institutions and relevant non-financial institutions in risk assessment and mitigation.
Click here for the February 2017 FATF Statement.