JFSC amend country risk list [D2] after FATF GREY LIST changes - Gibraltar added and Malta removed
27/06/2022
On the 17th of June Gibraltar was added to the FATF grey list and Malta was removed and in response the JFSC have published updated [ APPENDIX D2 ] https://www.jerseyfsc.org/media/5544/d2-pdf.pdf of the to take into account the latest Financial Action Task Force (FATF) statements issued on 17 June 2022.[GREY LIST UPDATE]
- Outcomes FATF Plenary, 14-17 June 2022 - https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-june-2022.html
- GREY LIST = https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-june-2022.html - The Full Grey List Is Shown Below
You can view the updated appendices by visiting the AML/CFT Handbooks page of our website. https://www.jerseyfsc.org/industry/financial-crime/aml-cft-handbooks/
What this means for regulated business in jersey
- Effective immediately, countries and territories listed under Sources 1 and 2 of Appendix D2 should be treated asnot compliant with FATF Recommendations for the purpose of Article 17A of the Money Laundering Order.
- Take particular care when considering placing reliance on an obliged person based in one of these countries and territories.
- Policies and procedures, should be reviewed as well as their existing customer relationships, to assess the impact of these updates on their business.
Full FATF Grey List
- Albania
- Barbados
- Burkina Faso
- Cambodia
- Cayman Islands
- Gibraltar
- Haiti
- Jamaica
- Jordan
- Mali
- Morocco
- Myanmar
- Nicaragua
- Pakistan
- Panama
- Philippines
- Senegal
- South Sudan
- Syria
- Türkiye
- Uganda
- United Arab Emirates
- Yemen
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.