On October 28, 2024, Luxembourg’s financial sector regulator, the Commission de Surveillance du Secteur Financier (CSSF), updated its circular CSSF 22/822. This amendment added Algeria, Angola, Côte d’Ivoire, and Lebanon to the FATF’s list of jurisdictions under increased monitoring, while removing Senegal due to its progress in addressing anti-money laundering and counter-terrorism financing (AML/CFT) deficiencies.

In October 2024, Algeria, Angola, Côte d’Ivoire, and Lebanon each committed to collaborating with the FATF and their relevant regional bodies to strengthen their AML/CFT measures. These commitments include efforts to improve national cooperation, increase transparency on beneficial ownership, expand oversight of financial and non-financial sectors, and enhance investigations and sanctions related to money laundering and terrorism financing. Algeria and Angola have focused on strengthening supervision and financial intelligence, Côte d’Ivoire has reinforced its legal and asset management frameworks, and Lebanon has targeted anti-bribery measures, risk management, and unlicensed financial activities.

In contrast, Senegal, which has made significant strides since 2021, was removed from the list. The FATF recognized Senegal’s achievements in enhancing its understanding of AML/CFT risks, fostering international cooperation, improving financial institution supervision, expanding law enforcement capacity, implementing sanctions, and monitoring high-risk non-profits.

The Democratic People’s Republic of Korea (DPRK), Iran, and Myanmar are still listed as high-risk jurisdictions requiring enhanced due diligence and/or countermeasures due to significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

As of today, the following countries are identified as high-risk countries:

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