FATF adds Kuwait and Papua New Guinea to increased monitoring
Kuwait and Papua New Guinea AML authorities must implement FATF action plans under increased monitoring
FATF
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Change
FATF added Kuwait and Papua New Guinea to its jurisdictions under increased monitoring list and set AML/CFT action-plan requirements for both countries.
Why it matters
The update places Kuwait and Papua New Guinea into the FATF follow-up process for strategic AML/CFT deficiencies. Authorities in both jurisdictions must deliver agreed reforms, while financial institutions and DNFBPs operating there should expect stronger supervision around beneficial ownership, suspicious transaction reporting, risk-based supervision, money-laundering investigations and proliferation-financing controls.
Implications
- — Kuwait AML/CFT authorities must implement FATF action-plan measures on DNFBP suspicious-transaction reporting, beneficial ownership accuracy and cross-border currency-related money-laundering investigations.
- — Papua New Guinea AML/CFT authorities must implement FATF action-plan measures on ML risk understanding, risk-based supervision, investigations, confiscation and proliferation-financing targeted financial sanctions.
- — Banks, MVTS/FX dealers and higher-risk DNFBPs in Papua New Guinea must prepare for strengthened risk-based AML/CFT supervision under the FATF action plan.
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