February 21, 2025 – The Financial Action Task Force (FATF) issued a new statement regarding high-risk jurisdictions that have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and, in the most serious cases, countries are called upon to apply countermeasures to protect the international financial system from the money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks emanating from the country.
FATF urges member states and the international community to exercise greater caution when conducting financial transactions with these high-risk countries and to implement enhanced customer identification and verification measures. In the most severe cases, FATF calls on countries to take additional countermeasures to protect the international financial system from these risks.
This statement is part of FATF's ongoing efforts to safeguard the integrity of the global financial system and strengthen the fight against illegal financial activities.
The full FATF statement in English can be found at the following link: (https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Call-for-action-february-2024.html)
It should be noted that, according to Article 9.3 of the Law of the Republic of Azerbaijan on the Fight Against Money Laundering and Terrorism Financing, obligated entities must implement the measures outlined in FATF's calls to action.