The Financial Action Task Force (FATF) recently added Venezuela and Monaco to its “gray list” due to insufficient progress in curbing illicit financial flows. Conversely, Jamaica and Turkey were removed for significant advancements in addressing anti-money laundering and counter-terrorist financing deficiencies. The decision was made after discussions and a vote during FATF’s plenary session in Singapore.
Being on the “gray list” means closer monitoring for Venezuela and Monaco, potentially deterring foreign investors. With Venezuela facing compliance demands amidst U.S. sanctions and the upcoming elections in July, the timing is crucial. An evaluation team visiting Venezuela noted concerns about money laundering and terrorism financing threats.
Monaco, facing its own crises, awaits a report on anti-bribery efforts. Despite progress, FATF suggested increasing resources to combat money laundering and pursue criminal assets. The inclusion of Venezuela and Monaco highlights the ongoing challenges in combatting financial crimes globally.