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Bafin Circular 05/2016 (GW)

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FATF Declaration and FATF Information Report, Amendment 4th EU Money Laundering Directive

The Bafin circular 05/2016 contains three topics.

  1. The FATF Statement on Iran and North Korea
  2. The information report on countries under surveillance
  3. Planned amendments to the fourth EU Money Laundering Directive

The FATF Statement on Iran and North Korea

The circular deals with countries in which serious deficits have been identified with regard to the prevention of money laundering. Only North Korea is now included in the existing Category 1 and Iran is included in the newly created Category 2.

Category 1: This includes all countries from which substantial risks emanate and the FATF calls on members to take countermeasures.

Category 2: This category includes countries for which the FATF calls for increased due diligence measures to be taken by members in order to safeguard the international financial system.

The FATF Information Report on Countries under Watch

The FATF conducts ongoing country monitoring. This continues to reveal deficiencies in some countries with regard to the implementation of the FATF’s recommendations. According to the FATF report, the countries showing deficits include Afghanistan, Bosnia and Herzegovina, Guyana, Iraq, Yemen, Laos, Syria, Uganda and Vanuatu.

Planned changes to the 4th EU Money Laundering Directive

A new EU regulation will regulate the categorisation of countries that have been identified as having deficiencies in the implementation of measures against money laundering and terrorist financing. It should be noted that after transposition into national law, all countries in categories 1 and 2 will be subject to enhanced due diligence obligations and, under certain circumstances, more extensive rules of conduct.

Hint: This text has been translated by an AI (German > English). Slight errors may occure.