Croatia, Cameroon and Vietnam were placed Friday on the “grey list” of countries subject to “enhanced surveillance” by the anti-money laundering organization Financial Action Task Force (FATF), according to a statement. These countries join 23 others on this list of jurisdictions that have “strategic deficiencies in their regimes to combat” money laundering, terrorist financing and the proliferation of weapons of mass destruction but are “actively working” with the organization to address them and “are committed to resolving (them) expeditiously”.
This list includes the United Arab Emirates, Panama and Syria. Morocco and Cambodia exited in February after several years of “enhanced surveillance”; Nigeria and South Africa had been added. For its part, Russia was then suspended as a member of the FATF, a decision which “still stands”. Over 200 countries and jurisdictions have committed to implementing FATF standards.
FATF is working with ‘grey list’ countries on their progress addressing money laundering and terrorist financing issues and ‘calls on these jurisdictions to complete their action plans expeditiously and within agreed timelines’, according to approved documents at the end of a plenary meeting in Paris. Cameroon, Croatia and Vietnam have “committed at a high political level to work” with the FATF and have made “progress” on certain points and recommended measures.
The FATF has not amended its “blacklist” of countries with “serious strategic deficiencies” which the organization says should be subject to “enhanced vigilance” by other countries. On this list are North Korea, Iran and Burma. The Gafi, responsible for studying the way in which terrorism is financed and money laundered, develops standards and issues recommendations so that member countries can take the necessary measures to remedy the shortcomings identified by the body.