Overview
FinCEN Releases Advisory on FATF-Identified Jurisdictions with AML/CFT Deficiencies: The Financial Crimes Enforcement Network (FinCEN) released an advisory today concerning changes made on February 24, 2017 to the list of jurisdictions identified by the Financial Action Task Force (FATF) as having strategic anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies. The advisory provides guidance for financial institutions engaging in transactions with the listed jurisdictions, and notes that financial institutions should consider the changes to the list when reviewing their enhanced due diligence (EDD) obligations and risk-based policies, procedures, and practices with respect to the listed jurisdictions. No changes were made to the FATF’s list of jurisdictions subject to the FATF’s call for countermeasures or are subject to EDD due to their AML/CFT deficiencies. Ethiopia was added to the FATF listing and monitoring process due to a lack of effective implementation of its AML/CFT framework.
Ways and Means Republicans Call for Removal of IRS Commissioner John Koskinen:
Today 15 Republican members of the House Ways and Means Committee sent a letter to President Trump requesting the removal of John Koskinen as IRS Commissioner. The letter states: “Trust in the IRS is hitting rock-bottom under IRS Commissioner John Koskinen. Not only was key evidence relevant to this Committee’s investigation destroyed under his watch, but he also misled Congress in the process, intentionally degraded customer service at the agency, and has since lost the trust of the American people.” The letter further requests that a new leader be appointed as soon as possible.