FATF: ICELAND AML/CFT FOLLOW-UP REPORT

On 5th September, FATF published a follow-up report to its AML/CFT mutual evaluation report of 2018.  To reflect Iceland’s progress, FATF has now re-rated the country on 13 of the 40 Recommendations.  FATF also agreed to maintain the rating of “Partially Compliant” for Recommendation 2 (National co-operation and co-ordination) and Recommendation 7 (Targeted financial sanctions related to proliferation); re-rate Recommendation 18 (Internal controls and foreign branches and subsidiaries) to “Largely Compliant”; and maintain Recommendation 21 (Tipping-off and confidentiality) as “Compliant”.  Iceland remains “Partially Compliant” or “Non-Compliant” on 12 of the 40 Recommendations, “Compliant” on 14 Recommendations and “Largely Compliant” on 14 Recommendations.  Iceland will continue to report back to FATF on its progress.

http://www.fatf-gafi.org/media/fatf/documents/reports/mer4/FUR-Iceland-2019.pdf

iceland

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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