The Guernsey Financial Services Commission has updated its Handbook on Countering Financial Crime to remove Bulgaria and Monaco from the Appendix I list of higher risk jurisdictions, following their removal from the Financial Action Task Force’s (FATF) increased monitoring list. Côte d’Ivoire and the Democratic Republic of the Congo remain in Appendix I despite their removal from FATF monitoring because other relevant external sources continue to identify higher financial crime risks. In its previous Appendix I update, the Commission cautioned that removal from the list should not automatically lead licensees to lower risk assessments for associated business relationships.
The update also highlights FATF’s significant concern about Vietnam’s pace of progress in addressing strategic deficiencies. FATF will consider next steps if Vietnam does not make tangible improvements by its next plenary meeting.