Please Wait

News / Monaco and Venezuela Made It To FATF’s ‘Grey List’

Monaco and Venezuela Made It To FATF’s ‘Grey List’

AML/CFT deficiencies took Monaco and Venezuela to the Global Compliance Watchdog list of high-risk jurisdictions, the FATF’s ‘grey list’.

02 min read

Today’s calendar marks the inclusion of Monaco and Venezuela to the ‘Grey List’ by Global anti-money laundering watchdogs. Thanks to insufficient money laundering and terrorist financing protocols, the Financial Action Task Force (FATF) adds both countries to its notorious grey list subjecting them to improve scrutiny against illicit financial activities and cooperate with global watchdogs.

The decision was taken during the council’s plenary in Singapore on Friday and was supported by member’s discussion and vote.

Conversely, the global watchdog has removed Turkey and Jamaica from the ‘Grey List’ while appreciating their remarkable progress in curbing money laundering and financing terrorism.

The epidemic of financial crimes has mercilessly eroded the foundation of global sustainable economies. Jurisdictions are required to employ strict AML measures to help regulatory bodies achieve ultimate compliance goals or be ready to have stricter economic restrictions and reputational damages among the global community.

The inclusion of Monaco and Venezuela to the ‘grey list’ is a wake-up call for countries with compromised AML/CFT (countering the financing of terrorism) frameworks.

On the other hand, commitment to improved compliance measures can be achieved by mirroring the remarkable reforms of Turkey and Jamaica.

Stay tuned to ever-evolving regulatory reforms because compliance is not just a formality but accountability.

Get Our Weekly Brain Dump In Your Inbox

Every week one idea to grow your company and our top picks (news and updates) of the week. Yeah… Like your inbox isn’t already exploding right? What about another weekly email? We know…


    Contact Us

    Category

    Sanctions

    Industry

    Legal & law enforcement

    Published Date

    June 28, 2024

    Subscribe to our Newsletter

    Our best articles, news and stories, delivered to your inbox every week.

      Scroll to Top