Norway: Public statement of the FAFT regarding AML and CFT

The Financial Action Task Force (FATF) is a global standard body dedicated for anti-money laundering and combating financing of terrorism (AML/CFT). In this respect FATF has identified 14 jurisdictions that the financial system and local legislations may pose a risk to the international financial system.

The FATF urges its members and other jurisdictions to apply counter-measures, to protect the international financial system, towards the following countries:

  • Iran: despite Iran’s previous engagement with FATF and recent submission of information, the FATF pointed out the Iran’s failure to address the risk of terrorist financing. All the members were called to advise their financial institutions to give special attention to business relationships and transaction with Iran (i.e. Iranian companies and Iranian financial institutions);
  • Democratic People’s Republic of Korea (DPRK): In addition to its previous commitment towards FATF and the Asia/Pacific Group on Money Laundering (APG), the FATF requested the DPRK to enhance its engagement and to agree with FATF an action plan to address its AML/CFT. The FATF pointed out the DPRK’s deficiencies to address the risk of money laundering and terrorist financing. All the members were called to advise their financial institutions to give special attention to business relationships and transaction with DPRK (i.e. DPRK companies and DPRK financial institutions).

The FATF mentioned juridictions that have not made sufficient progress in addressing the deficiencies or have not enter into an action plan with the FATF to struggle these said deficiencies:

Ecuador

Ethiopia

Indonesia

Kenya

Myanmar

Pakistan

Sao Tomé & Principe

Syria

Tanzania

Turkey

Vietnam

Yemen

This list is updated after each plenary meeting of the FATF (i.e. in October, February and June of each year). It is recommanded to check the website of the FATF regularly in order to aware of any modifications of the list.