In its statement of 16 February 2012, the FATF reiterated its warning regarding deficiencies in the measures to combat money laundering (ML) and financing of terrorism (FT) in Iran and North Korea.
The FATF again urges member states to take steps to protect against correspondent bank relationships being used to bypass or evade countermeasures and risk mitigation practices, and to take into account ML/FT risks when considering requests made by Iranian and North Korean banks to open branches and subsidiaries in their jurisdictions.
As was the case in the
FINMA news release of 28 April 2009, FINMA calls on financial intermediaries to take the FATF statement concerning Iran and North Korea into account when assessing ML/FT risks as prescribed in the Anti-Money Laundering Act (AMLA; SR 955.0) and the related implementing provisions.
Moreover, FINMA calls on the banks to follow the FATF statement concerning Iran and North Korea when applying Article 34 AMLA-FINMA to their correspondent bank relationships with foreign financial intermediaries. Finally, FINMA urges the self-regulating organisations pursuant to the AMLA to respect the FATF warning when considering requests from Iranian and North Korean banks to open new branches or subsidiaries in Switzerland. For further details, please consult the FATF statement on the FATF homepage.
Furthermore, FINMA draws attention to the fact that the aforementioned measures complement the obligations prescribed in the ordinances adopted which are based on the legal principles of the Federal Embargo Act, when dealing with Iran and North Korea. See SECO sanction measures (in German, French and Italian).
