Treasury Disputes AML/CFT Deficiencies List
On February 13, 2019, the Treasury Department released a statement critical of a recently released list by the European Commission of purportedly high-risk jurisdictions posing significant threats to the European Union’s Anti-Money Laundering and Countering the Financing of Terror (AML/CFT) regimes. The Treasury Department points to the Financial Action Task Force (FATF) list of high risk jurisdictions with AML/CFT deficiencies and the belief that the list is compiled based on more comprehensive and robust information than the European Commissions. The Treasury Department rejects the inclusion of American Samoa, Guam, Puerto Rico and U.S. Virgin Islands on the European Commission’s list of high-risk jurisdictions. The Treasury Department goes so far as stating that it does not expect U.S. financial institutions to take the European Commission’s list into account in their AML/CFT policies and procedures.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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