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FATF Warns Against Business with Iran, North Korea
Jul 10, 2017 8:46 AM
By Rapaport News
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RAPAPORT... The Financial Action Task Force (FATF) has issued a list of
nine countries that it says are not taking sufficient measures to combat money
laundering and terrorist financing.
The intergovernmental group, which aims to protect the
global financial system from those activities, recently identified Iran and North Korea as high-risk
enough to warrant a “call to action.” This means the FATF has urged all its
members throughout the world to take extra precautions against risks coming
from these jurisdictions.
In particular, the FATF recommended that its member
countries advise their financial institutions to scrutinize any
transactions with Iran and North Korea carefully. This decision came despite Iran’s
commitment in June 2016 to an “action plan” to address “deficiencies” in its money-laundering
and terrorist-financing policies, the group said.
“Until Iran implements the measures required to address the
deficiencies identified in the action plan, the FATF will remain concerned with
the terrorist financing risk emanating from Iran and the threat this poses to
the international financial system,” the FATF declared.
Meanwhile, the organization “remains concerned” by North
Korea’s failure to address “significant deficiencies” in its policies to
prevent money laundering and terrorist funding. As such, the FATF also encouraged
member countries to use counter-measures such as sanctions to protect their
financial sectors from those risks.
The other jurisdictions the FATF is monitoring are Bosnia
and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu and Yemen. |
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Tags:
Bosnia and Herzegovina, call to action, Democratic People’s Republic of Korea, DPRK, Ethiopia, fatf, Financial Action Task Force, Iran, Iraq, Money Laundering, North Korea, Rapaport News, Syria, terrorist financing, Uganda, Vanuatu, Yemen
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