FATF Urges Action Against North Korea and Iran for Financial Deficiencies

The Financial Action Task Force (FATF) has again called on its members to implement enhanced due diligence and, in severe cases, countermeasures against North Korea and Iran. This directive is due to their ongoing failure to address significant shortcomings in their systems for combating money laundering, terrorist financing, and proliferation financing. Myanmar was also identified for similar illicit finance risks.