After a FATF mutual evaluation process, which are resulting actions for jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financi

Question

Options

• AExpect private statements from FATF regarding the level of compliance of the jurisdiction, when
• BAppeal to FATF for a technical compliance re-rating based on the jurisdiction's own experts
• CDemonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF
• DRequest FATF for an extension of deadlines in order to provide local awareness on the
• EReport to FATF on the implementation of their progress under the enhanced follow-up

• A
  11% (4)
• B
  3% (1)
• C
  82% (31)
• D
  5% (2)

Explanation

According to the FATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations1, jurisdictions that are determined to have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing are subject to the FATF's International Cooperation Review Group (ICRG) process. The ICRG process involves the following actions for such jurisdictions: Demonstrate a high-level commitment to swiftly resolve the identified deficiencies in the FATF mutual evaluation report. This commitment should be made in writing to the FATF President and should include an action plan with specific deadlines and milestones to address the deficiencies. Report to FATF on the implementation of their progress under the enhanced follow-up mechanism. The FATF will monitor the progress of the jurisdiction through regular reports and on- site visits, and will decide whether the jurisdiction has made sufficient progress to exit the ICRG process or whether further actions are required, such as public statements, counter-measures, or suspension of membership.

No community discussion yet for this question.