Circular CSSF 22/822 is a CSSF circular, published 26 October 2022 and updated 27 October 2022. Subject: FATF statements concerning 1) high-risk jurisdictions on which enhanced due diligence and, where appropriate, counter-measures are imposed 2) jurisdictions under increased monitoring of the FATF.
\nRelevant for: AIFMs, AISPs, Central Securities Depositories (CSDs), Credit institutions, Credit servicers, Crowdfunding service providers, Crypto-Assets Service Providers (CASPs), Data Reporting Service Providers (DRSPs), E-money institutions, Investment firms, Investment fund managers, Investment funds and vehicles, Issuers of ARTs, Issuers of E-Money Tokens (EMTs), Issuers of Tokens, Management companies - Chapter 15, Management companies - Chapter 16, Mortgage credit intermediaries, Other specific authorisations, registrations and information, Part II UCIs, Payment institutions, Payment institutions/electronic money institutions/AISPs, Pension funds, Securitisation undertakings, SICARs, SIFs, Specialised PFS, Support PFS, UCITS, Virtual asset service providers (VASPs).
\nMain topic: Financial crime. Keywords: AML/CFT, Proliferation financing, Terrorist financing.
\nRepeals Circular CSSF 22/815.
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCircular CSSF 22/822 FATF statements concerning 1) high-risk jurisdictions on which enhanced due diligence and, where appropriate, countermeasures are imposed 2) jurisdictions under increased monitoring by the FATF
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCircular CSSF 22/822 Re: FATF statements concerning 1) high-risk jurisdictions on which enhanced due diligence and, where appropriate, counter-measures are imposed 2) jurisdictions under increased monitoring by the FATF
\nLuxembourg, 26 October 2022
\nLadies and Gentlemen,
\nTo all the persons and entities
\nWe are pleased to inform you of the jurisdictions that the Financial Action Task
\nunder the supervision of the
\nForce (“GAFI”) qualifies as:
\nCSSF
\nhigh-risk jurisdictions subject to a call for action, or
\njurisdictions under increased monitoring by the FATF.
\nThrough its Plenary meetings, which are held in general three times a year, the FATF updates its Public Statement which identifies the jurisdictions concerned. 1)
\nHigh-risk jurisdictions on which enhanced due diligence and, where
\nappropriate, counter-measures are imposed “High-risk jurisdictions” are jurisdictions which have, according to the FATF, significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For these countries, the FATF calls on all its members and urges all jurisdictions to apply enhanced due diligence. In the most serious cases, the FATF calls on countries to apply counter-measures to protect the international financial system from the money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks emanating from these countries. 2)
\nJurisdictions under increased monitoring by the FATF
\nJurisdictions under increased monitoring by the FATF are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. The countries concerned have committed to FATF to resolve swiftly the identified strategic deficiencies within agreed timeframes. The FATF as well as the FATF-style regional bodies (FSRBs) continue to work with the jurisdictions in question, which, in turn, report the progress achieved in addressing their strategic deficiencies. Progress is thus closely monitored. As regards these countries, the FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions, but encourages its members and all jurisdictions to take into account the information presented in its statements in their risk analysis.
\nPlease refer to the FATF’s full decisions and statements regarding high-risk jurisdictions subject to a call for action and jurisdictions under increased monitoring at the following address: https://www.fatf-gafi.org/publications/high-risk-and-other-monitoredjurisdictions/?hf=10&b=0&s=desc(fatf_releasedate) This circular shall be without prejudice to any other considerations to be taken into account with respect to high-risk countries, notably those of the relevant European authorities 1. The jurisdictions referred to in parts (1) and (2) above, as well as the relevant measures to be adopted against them, are listed in the annex to this circular. This annex, which is published and updated on the CSSF’s website, shall be regularly consulted by the persons and entities concerned. This circular repeals Circular CSSF 22/815 of 22 June 2022.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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