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:
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:
B) FATF-Style Regional Bodies (FSRBs) Public Statement
Besides Financial Action Task Force (FATF), FSRBs may issue public statements in relation to their members for membership and mutual evaluation follow-up related issues. Bank Negara Malaysia issues periodic advisory to advise reporting institutions under its purview on these Public Statement which contain relevant information that reporting institutions must consider, as part of implementation of risk-based approach. The current advisory is as follow: