There is no definitive list of countries that do not have sufficient AML/CFT systems and measures in place or are otherwise high risk. However, effective 31 July 2023, a country that has insufficient AML/CFT systems or measures in place includes a country as identified by the Financial Action Task Force as being a high-risk jurisdiction subject to a call for action, also known as the ‘blacklist’.
Reporting entities will therefore need to consider a range of factors when determining the level of risk associated with a particular country. These include whether a country is:
- Subject to international sanctions, embargos or other measures
- Identified by the Financial Action Task Force (FATF) as a high risk or monitored jurisdiction?
- Recognised as having supporters of terrorism or financing terrorism?
- Considered to have problems with corruption?
- Known as a tax haven?
- Associated with production and/or transnational shipment of illicit drugs?
You can find the list of FATF high risk or monitored jurisdictions on the FATF website.
Reporting entities supervised by the Department can refer to the Assessing Country Risk document for further information.
You may also find page 11 of the Prompts and Notes guidance provided by the Department (PDF, 847KB) useful when assessing country risk.
Additional resources you might find useful are: