meta_id 3284376

On June 30, 2026, Israel's Authority for Prohibition of Money Laundering and Terrorist Financing (the Authority) published an update reflecting the Financial Action Task Force (FATF) announcements from June 19, 2026, regarding high-risk jurisdictions and those under increased monitoring. The FATF identified three jurisdictions on its "black list" (High-Risk Jurisdictions subject to a Call for Action): Iran, North Korea, and Myanmar. For Iran, the FATF noted that while Iran submitted updates in January 2026 regarding ratification of the United Nations Convention Against Transnational Organized Crime (Palermo Convention) and the International Convention for the Suppression of the Financing of Terrorism, Iran has not met international standards in implementation. Iran has failed to implement most milestones from its action plan since 2016. The FATF called on all countries to implement effective countermeasures against Iran, including prohibiting Iranian financial institutions from establishing subsidiaries or representative offices, restricting correspondent banking relationships, and implementing risk-based restrictions on business transactions with Iran and Iranian nationals. The FATF emphasised that humanitarian aid, food, health products, diplomatic costs, and personal remittances must be appropriately handled. Iran will remain on the black list until it fully completes its action plan. For North Korea, the FATF reiterated concerns about the country's failure to address significant deficiencies in its anti-money laundering and terrorist financing regime, and called for enhanced due diligence procedures and closure of North Korean banks in other jurisdictions. For Myanmar, the FATF called for enhanced due diligence and increased monitoring, while permitting humanitarian assistance and legitimate remittances. If Myanmar does not demonstrate progress by October 2026, the FATF will consider implementing financial countermeasures. The FATF removed Namibia and Algeria from its "grey list" (Jurisdictions under Increased Monitoring). The updated grey list includes 21 jurisdictions requiring enhanced monitoring due to strategic deficiencies in their regimes. The Authority's notice applies to banking corporations, postal banks, stock exchange members, portfolio managers, institutional bodies, financial asset and credit service providers, precious stone traders, business service providers, credit mediation system operators, and merchant venues. These entities must implement enhanced control measures for activities involving the listed jurisdictions and report all transactions of 5,000 Israeli new sheqels or more involving specified countries including Lebanon, Egypt, Syria, Saudi Arabia, Jordan, Iraq, Yemen, Iran, Algeria, Afghanistan, Palestinian Authority, Gaza Strip, Libya, Gulf Cooperation Council states, Malaysia, Morocco, Sudan, Somalia, Pakistan, Tunisia, Turkey, and North Korea.