Circular to Licensed Corporations, SFC-licensed Virtual Asset Service Providers and Associated Entities – Anti-Money Laundering / Counter-Financing of Terrorism(1) FATF Statement on High-Risk Jurisdictions subject to a Call for Action(2) FATF Statement on Jurisdictions under Increased Monitoring(3) Outcomes from the FATF Plenary, 23-25 October 2024

The Securities and Futures Commission (SFC) has issued a circular regarding Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) updates from the Financial Action Task Force (FATF). Key points include: the FATF’s call for enhanced due diligence or countermeasures against high-risk jurisdictions like North Korea and Iran, and the inclusion of Myanmar under heightened scrutiny. Additionally, the FATF added Algeria, Angola, Côte d’Ivoire, and Lebanon to its increased monitoring list. It also released revised guidance on national money laundering risk assessments and proposed revisions to FATF Standards, particularly on financial inclusion. Licensed corporations and virtual asset service providers are advised to stay updated with the FATF’s evolving guidance. Source: https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/aml/doc?refNo=24EC54