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

Monaco and Venezuela are new members of the ‘Grey List’ — Announced by Global Watchdog

On Friday 28 June, the calendar marked 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.

Follow AML Watcher and stay tuned to ever-evolving regulatory reforms because compliance is not just a formality but accountability.