The Financial Action Task Force (FATF), a global anti-money laundering watchdog, announced on Friday that Monaco has been added to its "grey list" of countries under increased monitoring for money laundering concerns.
During a plenary meeting in Singapore, the FATF also added Venezuela to the list of nations identified with "strategic deficiencies" in combating money laundering and terrorist financing. Despite these deficiencies, both Monaco and Venezuela are cooperating with the FATF to address the issues.
In contrast, Jamaica and Turkey were removed from the grey list after successfully resolving the deficiencies highlighted by the FATF. The organization monitors efforts by over 200 countries and jurisdictions to prevent money laundering and the financing of terrorism.
The FATF maintains a "black list" for countries considered high-risk jurisdictions. The body has called on countries to implement countermeasures against Iran and North Korea. It specifically warned about North Korea's "illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing" and urged nations to end all business with North Korean banks and limit transactions with entities based in Pyongyang.
Regarding Iran, the FATF noted that the country has not ratified the Palermo and Terrorist Financing Conventions, prompting the watchdog to urge for the application of countermeasures.