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FATF Adds Monaco and Venezuela to Global Watchlist, Removes Turkey and Jamaica

The Financial Action Task Force added Monaco and Venezuela to its “gray list” of countries with subpar defenses against illicit finance Friday after both nations failed to remedy key gaps in their anti-money laundering regimes that came to light during assessments in 2022 and 2023 respectively.

FATF noted at the conclusion of its latest three-day summit in Singapore that Monaco must step up efforts to strengthen the “quality and timeliness” of suspicious transaction reporting, impose penalties for AML violations more frequently and boost the resources of local law enforcement agencies and the city-state’s financial intelligence unit, among other measures.

The group meanwhile removed Turkey and Jamaica from its global watchlist after concluding that both countries had made “significant progress” towards addressing a range of shortcomings that emerged during onsite evaluations in 2019, including by enhancing corporate transparency and increasing the use of financial intelligence in money-laundering investigations.

FATF President Raja Kumar told reporters Friday that the intergovernmental group also adopted revised criteria for prioritizing countries for review by the group’s International Cooperation Review Group, which recommends nations for inclusion on the gray list, to “take into account the capacity challenges faced by the least developed countries.” may update this coverage as more information becomes available.
Topics : Anti-money laundering , Counterterrorist Financing
Source: FATF
Document Date: June 28, 2024