CMA LAW: Circular No. (4) of 2015 Regarding Countries not applying or Insufficiently Applying the Recommendations of the Financial Action Task Force (FATF)

Circular No. (4) of 2015

Regarding Countries not applying or Insufficiently Applying the Recommendations of the Financial Action Task Force (FATF)

"Circular to All Licensed Persons"

Chairman of the Board of Directors

Greetings,

We would like to draw your attention to the provisions of (clause sixteenth /paragraph 3) of CMA Regulations No. (C.M.A/S.S/I.C/4/2013) on Anti-Money Laundering and Counter Terrorist Financing, which stipulate that the licensed persons must verify and pay attention to all business relationships or transactions with clients or with financial institutions from countries that do not or insufficiently apply the FATF's recommendations. All business relationships and transactions conducted in such countries must be treated as high-risk ones, and they must fulfill the measures set out in paragraph (6) of part (eighth) of the mentioned Regulations.

Thus, the Financial Action Task Force (FATF) has updated the list of countries which do not or insufficiently apply the FATF recommendations in its meeting recently held on February 2015.

Accordingly, and as part of the CMA's role stipulated in the above-mentioned clause, you are requested to visit the FATF website for the updated list of countries not applying or insufficiently applying the FATF recommendations in order to comply with the provisions of (clause sixteenth /paragraph 3) of CMA Regulations.

          Dr. Nayef Falah Al-Hajraf

Chairman, CMA Board of Commissioners

Issued on: 31/3/2015   

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