FATF: AML/CFT ASSESSMENT FOLLOW-UP REPORTS FOR ICELAND, PHLIPPINES, MONGOLIA, CAMBODIA, PAKISTAN

On 6 September, FATF issued a number of follow-up reports on assessments of –

Iceland – which has been in enhanced follow-up since its MER in 2008 and, in this 3rd follow-up report, FATF has now re-rated the country compliant on FATF Recommendation 28 (Regulation and supervision of designated non-financial businesses and professions). The country was originally rated non-compliant, then re-rated and maintained at partially compliant in its 1st and 2nd follow-up reports. Iceland is now compliant on 22 of the 40 FATF Recommendations and largely compliant on 16 of them.  It remains partially compliant on 2 Recommendations.  Iceland will remain in enhanced follow-up and will continue to report back to FATF on its progress.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Follow-Up-Report-Iceland-2021.pdf

Cambodia – FATF-style regional body APG has re-rated Cambodia on FATF Recommendations 1, 7, 12, 33, 37 and 38.  It has made insufficient progress on Recommendation 15, which was amended after the adoption of its MER in 2017.  As a result, Cambodia has been re-rated to non-compliant for Recommendation 15.  Cambodia will remain in enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures. Cambodia’s next progress report is due 1 February.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Follow-Up-Report-Cambodia-2021.pdf

Pakistan – APG finds that Pakistan has made good progress in addressing the technical compliance deficiencies identified in its MER and has been re-rated on FATF Recommendations 10, 18, 26 and 34.  Recommendation 10 has been re-rated to Compliant, and Recommendations 18, 26 and 34 have been re-rated to Largely Compliant.  Pakistan will remain on enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures. Pakistan’s next progress report is due 1 February.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-3rd-Follow-Up-Report-Pakistan-2021.pdf

Mongolia – APG finds that Mongolia has made significant progress towards overcoming deficiencies on technical compliance identified in its MER.  It has been re-rated on Recommendation 1 which is re-rated from Partially to Largely Compliant.  Mongolia will remain in enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures. Mongolia’s next progress report is due 1 February 

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Follow-Up-Report-Mongolia-2021.pdf

Philippines – APG finds that the Philippines has made notable progress in addressing the technical compliance deficiencies identified in the MER.  FATF Recommendations 4, 6, 7, 22, 23 and 24 have been re-rated to Largely Compliant.  The Philippines will move from enhanced (expedited) to enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Follow-Up-Report-Philippines-2021.pdf

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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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