JFSC amend country risk list [D2] after FATF GREY LIST changes - Gibraltar added and Malta removed
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
- Burkina Faso
- Cayman Islands
- South Sudan
- United Arab Emirates