The Financial Action Task Force (FATF), of which New Zealand is part of, updated its list of ‘high risk and other monitored jurisdictions’ on 21 February 2020. The additional countries on the FATF list are Albania, Barbados, Jamaica, Mauritius, Myanmar, Nicaragua and Uganda. Trinidad and Tobago have come off the list so are no longer subject to FATF’s ongoing monitoring process.
The Democratic People’s Republic of Korea and Iran remain on the FATF list of High Risk jurisdictions and are subject to a Call for Action.
This is a timely reminder that you are required to conduct an enhanced level of customer due diligence on all non-resident customers from countries that have insufficient AML/CFT systems or measures in place. There are additional requirements to monitor and examine business relationship and transactions involving these countries, and where necessary, have additional measures or restrictions on dealing with them.