CURRENT AFFAIRS

Detailed explanation-1: -As of November 2022, only three countries were on the FATF blacklist: North Korea, Iran, and Myanmar. The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows.

Detailed explanation-2: -The EU’s AML blacklist is a list of countries deemed ‘high risk’ under the AML Directive – ie, those whose AML/CFT regimes have strategic deficiencies which pose a significant threat to the EU’s financial system. The AML blacklist is highly aligned with, but not identical to, FATF’s Ongoing Monitoring (or ‘Grey’) List.

Detailed explanation-3: -Current listed jurisdictions Following this latest revision in February 2021, the EU blacklist includes the following twelve jurisdictions: American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, US Virgin Islands, Vanuatu.

Detailed explanation-4: -The country was subsequently listed on the EU Blacklist and thereafter on the UK List of High Risk Third Countries. The repercussions of Mauritius being perceived as a country having a high money laundering and terrorism risk profile, have been serious.