FATF removes four countries from grey list — TimesLIVE

The Financial Action Task Force (FATF) has removed Bulgaria, the Democratic Republic of the Congo, Côte d’Ivoire and Monaco from its list of jurisdictions under increased monitoring for combating money laundering and financial crime. TimesLIVE reports.

Progress in meeting requirements

FATF stated that these countries had demonstrated positive progress in addressing strategic deficiencies in their systems for combating money laundering, terrorist financing and proliferation financing. These deficiencies were identified during mutual evaluations.

Including a jurisdiction on the list of countries under increased monitoring means that it commits to swiftly resolving the identified strategic issues within agreed timeframes and is subject to additional FATF oversight.

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Warning for Vietnam

Vietnam remained on the list of countries under increased monitoring. FATF expressed significant concern over the pace of its progress and noted that it may consider further steps if the country does not show tangible results in addressing strategic deficiencies by the next plenary meeting.

Iran and Myanmar remained on the FATF blacklist, which includes countries and jurisdictions with serious strategic deficiencies in combating money laundering, terrorist financing and proliferation financing. FATF also strengthened its warning regarding Myanmar. Japan is seeking Myanmar’s removal from the blacklist to facilitate doing business in the country.