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FATF Adds Lebanon, Algeria, Angola, Ivory Coast to Global Watchlist
Lebanon, Algeria, Angola and Ivory Coast landed on the Financial Action Task Force’s “gray list” of jurisdictions with subpar defenses against illicit finance Friday after failing to remedy key gaps in their anti-money laundering regimes by the group’s deadline.
FATF noted at the conclusion of its latest three-day summit in Paris that war-torn Lebanon must step up efforts against terrorist financing, bolster international cooperation, launch more prosecutions against suspected money launderers and prioritize seizing and recovering illicit assets, among other measures.
The group meanwhile removed Senegal from the gray list after concluding that the nation had made “significant progress” towards addressing a range of shortcomings that came to light during an onsite evaluation in 2018, including by increasing the capacity its financial intelligence unit.
Senegal and the Cayman Islands became the first non-member nations to attend one the three-day summit in Paris as part of a new initiative FATF launched to “increase its inclusivity and broaden the diversity of perspectives,” the group said Friday.
Topics : | Anti-money laundering , Counterterrorist Financing , Sanctions , Fraud |
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Source: | FATF |
Document Date: | October 25, 2024 |