Countries Under Increased Monitoring & Counter Measures

 

Jurisdictions under increased monitoring work actively with the Financial Action Task Force (FATF) to address strategic deficiencies in their regimes to counter money laundering, terrorism financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolving the identified strategic deficiencies swiftly within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the ‘FATF grey list’.

 

A comprehensive list of jurisdictions under increased monitoring can be found here.

 

The enhanced due diligence measures Financial Institutions and Designated Non-Financial Businesses and Professions should conduct, as set out in paragraph 20 of the Interpretive Note to Recommendation 10 of the FATF Recommendations, alongside other risk mitigation measures, can be found here.

 

Counter-measures for countries under increased monitoring:

FIs, DNFBPs, and Virtual Assets Service providers and non profit organisations in the UAE shall on a regular basis review the Gray List and weaknesses identified in it, and take them into account when devising and applying risk-based compliance measures.

 

Due diligence measures taken by FIs, DNFBPs, and Virtual Assets Service providers and non profit organisations shall in all cases be proportionate to the risks posed from business relationships and transactions with natural or legal persons from such jurisdictions and be effective to minimize such risks. The measures taken may require the application of enhanced customer due diligence depending on the circumstances referred to at paragraph 20 to the interpretive note of Recommendation 10 as well as Article (4) of the 2019 Cabinet Decision.