When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to extra checks. In line with the flexible procedures adopted in February 2021 to allow FATF to continue its monitoring program in light of the COVID-19 pandemic, the FATF has updated its statements for countries under review.
Zimbabwe has accomplished significant progress in addressing the strategic AML/CFT deficiencies previously identified by the FATF and included in its action plan. Zimbabwe will no longer be subject to the FATF’s increased monitoring process. This comes after the country received an on-site visit. Zimbabwe will work with FATF regional partner ESAAMLG, of which it is a member, to continue strengthening its AML/CFT regime.
In February 2022, the United Arab Emirates (UAE) made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in February 2020, the UAE has made significant progress across its MER’s recommended actions to improve its system, including by finalizing a TF Risk Assessment, creating an AML/CFT coordination committee, establishing an effective system to implement targeted financial sanctions without delay, and significantly improving its ability to confiscate criminal proceeds and engage in international cooperation. Additionally, the UAE addressed or largely addressed more than half of the key recommended actions from the MER.
As soon as a jurisdiction is added to the list of jurisdictions under increased monitoring by the FATF, its risk rating will be automatically set to High in our country risks list. As a result of the above mentioned changes, UAE risk level is now High. Zimbabwe risk level remains High, even though the country was removed from the list of jurisdictions under increased monitoring because of its very low CPI rating and its inclusion in the list of countries under embargo of the EU.
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