Advisory on the Implementation of the AMLA and its RIRRs and AMLC Reso No. 64 series 2014
Advisory on the Implementation of the AMLA and its RIRRs and AMLC Reso No. 64 series 2014
It would be recalled that the Financial Action Task Force’s (FATF), in its Public Statement dated 27 June 2014, identified Iran and North Korea as high-risk jurisdictions and required its members and other jurisdictions “to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks” emanating from these jurisdictions.
Thus, in compliance with the above requirement of the FATF and pursuant to its Recommendation 19 which requires countries “to apply countermeasures when called upon to do so by the FATF”, the AMLC issued Resolution No. 64, Series of 2014.
The said AMLC Resolution directs all covered persons to apply enhanced due diligence relative to the jurisdictions identified under the FATF Public Statement dated 27 June 2014. The application of enhanced due diligence is one of the countermeasures under the Interpretative Notes of the FATF Recommendation 19 which could be resorted to by jurisdictions insofar as identified high risk countries are concerned.
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