A)Financial Action Task Force (FATF) Public Statement

As the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT), The Financial Action Task Force (FATF) identifies jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system. This is to protect the international financial system from ML/TF risks and to encourage greater compliance with the AML/CFT standards.

Reporting institutions should be guided by the relevant regulatory/supervisory authorities’ policies and guidelines on AML/CFT when dealing with customers from or higher-risk countries. The list of higher-risk countries is updated periodically and available on the FATF’s website:
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/

Bank Negara Malaysia issues periodic circulars to advise reporting institutions under its purview on measures and steps to be taken in dealing with customers from higher-risk countries. The current circular is as follow: