Several jurisdictions have shown their commitment to seriously addressing the identified deficiencies. Others have made less progress, such as the jurisdictions that the FATF listed in its Public Statement. These jurisdictions are showing serious deficiencies. The public statement refers to North Korea specifically. De Nederlandsche Bank (DNB) and the Ministry of Finance want to stress that more stringent measures are needed when maintaining business relations with residents of these jurisdictions, or carrying out transactions to or from these jurisdictions.
Iran has provisionally been taken off the list for countries which require stringent counter-measures. FATF has suspended counter-measures in order to monitor Iran’s progress. The FATF is disappointed with Iran’s failure to address its significant AML/CFT deficiencies. Given the Iranian government’s continued efforts to finalize and pass amendments to its AML and CFT laws, the FATF decided at its meeting this week to continue the suspension of counter-measures. The FATFT expects Iran to enact the necessary amendments to its AML and CFT laws by October 2018, otherwise, the FATF will decide upon appropriate and necessary actions at that time. The FATF, therefore, urges to apply enhanced due diligence to business relationships and transactions with natural and legal persons from Iran.
Financial institutions are expected to take account of specific circumstances when deciding on the necessary AML/CFT measures. They should refer to DNB's Q&A on FATF Warning lists for this purpose.
If necessary, the FATF will review its warning list at its next plenary meeting in October 2018.