Title: Circular No. (3) of 2019 Regarding Countries Not Applying or Insufficiently Applying the Recommendations of the Financial Action Task Force (FATF)
Date Publish 05 March 2019
"Circular to All Licensed Persons"
Chairman of the Board of Directors
We would like to draw your attention to the provisions of Article (3-39) of Module Sixteen "Anti-Money Laundering & Combating the Financing of Terrorism" of the Executive Bylaws of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, pursuant to Resolution No. (72) of 2015 issued on 9/11/2015 which stipulate that “A Licensed Person must scrutinize and pay attention to business relationships or transactions with clients or financial institutions from countries which do not or insufficiently apply the FATF recommendations. Where the Authority advises the Licensed Person that such country insufficiently applies the FATF recommendations, the Licensed Person shall treat all business relationships and transactions from that county as high risk and shall apply the measures set out in Article (3-19) of this Chapter.”
Accordingly, the Financial Action Task Force (FATF) has updated the list of countries which do not or insufficiently apply the FATF recommendations in its recent meeting held in February 2019.
The CMA is keen to play its role as stipulated in the above mentioned Article, therefore you are requested to visit the FATF website (http://www.fatf-gafi.org) for the updated list of countries not applying or insufficiently applying the FATF recommendations in order to comply with the provisions of Article No. (3-39) of Module Sixteen "Anti-Money Laundering & Combating the Financing of Terrorism".
Prof. Ahmad A. Al-Melhem
Issued on: 5/3/2019
Copy of the Official Document
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