The Financial Action Task Force (FATF) recently updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering, counter financing of terrorism and combatting weapons of mass destruction proliferation financing (AML/CFT/CPF) regimes (Trade-based Financial Crime, 22 October 2021).

As a result of this, the US treasury’s Financial Crimes Enforcement Network (FinCEN) has issued an advisory to provide financial institutions with guidance on reviewing their obligations and the need for risk-based approaches for certain jurisdictions.

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