FATF drops two from AML/CFT blacklist; Iran remains but slight easing for one year
Myanmar and Papua Guinea got good news this week. The international Financial Action Task Force dropped both nations from its blacklist for AML and CFT Compliance. This action will make it easier for those nations to transact business within the international financial system with FATF member nations.
FATF also announced that while Iran will remain on the FATF blacklist for AML/CFT Compliance, some restrictions on Iran will be eased for a period of one year in order for the nation to demonstrate its commitment to AML/CFT Compliance.
Iran negotiated a deal last year with the U.S. and other Western nations to slow down its nuclear program, and that slight thawing of relations has generated hope that further progress may be made regarding Iran’s participation with the international community. The deals with Airbus and Boeing are examples of that, but Iran’s continued support for groups like Hezbollah remain major concerns relative to money laundering and terror-financing compliance.
FATF noted in its report that Iran has previewed explicit commitments to improving its AML/CFT Compliance, and that it welcomes Iran’s efforts in that regard. This one-year period is intended to provide Iran with an opportunity to follow through on its stated intentions with concrete achievements.
In response to Iran’s progress to date, FATF announced that banks in member countries should “apply enhanced due diligence to business relationships and transactions with natural and legal persons from Iran, consistent with FATF Recommendation 19. The FATF urges Iran to fully address its AML/CFT deficiencies, in particular those related to terrorist financing.”
________________
SURETY Eco: End-to-End AML/CFT Compliance
AML Partners thrives on innovation in AML software solutions—innovations that deliver fully configurable software solutions that “Comply on the Fly.” To learn about SURETY Eco and its fully integrated CDD/KYC, transaction monitoring with optional 314a, and sanctions screening capabilities, call us today. We will show you how SURETY Eco adapts completely to your unique risk-based approach. SURETY Eco: The AML Software Ecosystem for end-to-end fully integrated AML/CFT Compliance.
