CRIMINAL CAPITALI$M
Global watchdog adds Monaco to money laundering 'grey list'Jamaica and Turkey were removed from the FATF's grey list
17 hours ago| AFP
Global anti-money laundering watchdog the Financial Action Task Force (FATF) said on June 28, 2024 it had added Monaco to a "grey list" of countries subject to increased monitoring.
Credit: Valery HACHE / AFP
Global anti-money laundering watchdog the Financial Action Task Force (FATF) said on Friday it had added Monaco to a "grey list" of countries subject to increased monitoring.
At a plenary meeting in Singapore, it also added Venezuela to the list of nations considered to have "strategic deficiencies" in countering money laundering and terrorist financing, while however cooperating with the FATF to correct the problems.
Jamaica and Turkey were removed from the list after resolving the deficiencies identified by the FATF, which monitors efforts by more than 200 countries and jurisdictions to prevent money laundering and the financing of terrorism.
The FATF also has a "black list" of nations which are considered high-risk jurisdictions.
The body urged countries to apply countermeasures against Iran and North Korea and warned about the latter's "illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing".
It urged countries to end all business with North Korean banks and limit business with Pyongyang entities.
The FATF also urged countries to apply countermeasures to Iran, which it noted had not ratified the Palermo and Terrorist Financing Conventions.
Monaco is committed to exiting the grey list of the Financial Action Task Force in line with a timetable agreed with the global anti-money laundering monitor, its government said Friday.
"The principality confirms its determination to implement the latest FATF recommendations set out in the declaration, in accordance with the planned deadlines," the government of the Mediterranean tax haven said after the FATF added Monaco to a "grey list" of countries subject to increased monitoring.
Global anti-money laundering watchdog the Financial Action Task Force (FATF) said on Friday it had added Monaco to a "grey list" of countries subject to increased monitoring.
At a plenary meeting in Singapore, it also added Venezuela to the list of nations considered to have "strategic deficiencies" in countering money laundering and terrorist financing, while however cooperating with the FATF to correct the problems.
Jamaica and Turkey were removed from the list after resolving the deficiencies identified by the FATF, which monitors efforts by more than 200 countries and jurisdictions to prevent money laundering and the financing of terrorism.
The FATF also has a "black list" of nations which are considered high-risk jurisdictions.
The body urged countries to apply countermeasures against Iran and North Korea and warned about the latter's "illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing".
It urged countries to end all business with North Korean banks and limit business with Pyongyang entities.
The FATF also urged countries to apply countermeasures to Iran, which it noted had not ratified the Palermo and Terrorist Financing Conventions.
Monaco is committed to exiting the grey list of the Financial Action Task Force in line with a timetable agreed with the global anti-money laundering monitor, its government said Friday.
"The principality confirms its determination to implement the latest FATF recommendations set out in the declaration, in accordance with the planned deadlines," the government of the Mediterranean tax haven said after the FATF added Monaco to a "grey list" of countries subject to increased monitoring.
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