AUSTRAC: FATF updates on global ML/TF risk – February 2025
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced the Financial Action Task Force (FATF) has published two recent updates relating to international money laundering, terrorism financing and proliferation financing (ML/TF/PF) risk.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
High-Risk Jurisdictions subject to a Call for Action – February 2025: which notes that the 21 February 2020 call for action in relation to the Democratic People’s Republic of Korea, Iran and Myanmar remains in effect.
Jurisdictions under Increased Monitoring – February 2025: which lists jurisdictions that have strategic deficiencies in their AML/CTF/CPF regimes and are actively working with the FATF to address them.
AUSTRAC notes that reporting entities should be aware of countries that pose a higher risk of ML/TF and use this information to help guide ML/TF risk assessments, compliance programs and decisions about submitting suspicious matter reports to AUSTRAC.