Strategic Deficiencies Within Agreed Timeframes: FATF Adds Monaco and Venezuela to Increased Monitoring List
The Financial Action Task Force (FATF) has taken action against two jurisdictions, adding Monaco and Venezuela to its list of countries subject to increased monitoring due to strategic deficiencies in their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.
Countries Added to Increased Monitoring
- Monaco: FATF cited strategic deficiencies in Monaco’s AML/CFT regime, leading to its addition to the increased monitoring list.
- Venezuela: Similarly, Venezuela was added to the list due to its failure to address AML/CFT deficiencies.
Progress Made by Other Countries
On a positive note, Jamaica and Türkiye have made significant progress in addressing previously identified AML/CFT deficiencies. Both countries will no longer be subject to increased monitoring, thanks to their completion of action plans within agreed timeframes.
- Jamaica: Congratulations to Jamaica for completing its action plan and strengthening its AML/CFT system.
- Türkiye: Similarly, Türkiye has made progress in addressing its AML/CFT deficiencies and will no longer be subject to increased monitoring.
Concerns Over Democratic People’s Republic of Korea
The FATF expressed concerns over the Democratic People’s Republic of Korea’s (DPRK) continued failure to address significant deficiencies in its anti-money laundering and combating the financing of terrorism regime. The DPRK remains subject to increased monitoring due to its lack of progress in implementing effective measures to prevent terrorist financing and other financial crimes.
FATF Annual Report on Payment Transparency
The FATF has released its annual report on payment transparency, highlighting the need for countries to implement revised standards that ensure faster, cheaper, more transparent, and inclusive cross-border payments while maintaining AML/CFT compliance. The organization also urged all jurisdictions to rapidly and fully implement its requirements on virtual assets and virtual asset service providers.
FATF President’s Meeting with FSRBs
The FATF President met with the chairs of Financial Sector Regulatory Bodies (FSRBs) to discuss progress in implementing the 2022 strategic vision for the global network. The meeting highlighted achievements in strengthening partnership between the FATF and FSRBs.
New Initiative: “Women in FATF and the Global Network”
The FATF has launched a new initiative, “Women in FATF and the Global Network,” aimed at inspiring and supporting women leaders in the fight against financial crime.
Mexico Assumes FATF Presidency
Mexico will assume the FATF Presidency from July 1, 2024, to June 30, 2026. The country’s priorities include:
- Advancing Financial Inclusion: Promoting access to financial services for all individuals and businesses.
- Ensuring Successful Start to New Round of Assessments: Supporting countries in their implementation of AML/CFT standards.
- Strengthening Cohesion within the Global Network: Fostering cooperation between FATF members and partners.
- Supporting Effective Implementation of Revised Standards: Assisting countries in implementing revised AML/CFT standards.
- Continuing Efforts to Combat Terrorist and Proliferation Financing: Combating financial crimes related to terrorism and proliferation.