- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-07-01T15:58:00
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s (FATF) grey list.
FAFT also announced Friday that it added Monaco and Venezuela to its 21-country grey list, with increased monitoring appropriate due to AML/CFT deficiencies that “present a risk to the international financial system.” In all cases, countries on the grey list have “committed to resolve swiftly the identified strategic deficiencies within agreed timeframes,” the FATF said.
In removing Jamaica and Türkiye, the FATF congratulated them “for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations.”
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Kenya was one of two African countries included in the Financial Action Task Force’s latest update to its list of jurisdictions under increased monitoring for money laundering and terrorist financing, while the United Arab Emirates was among four countries removed.
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
The Financial Action Task Force added Cameroon, Croatia, and Vietnam as part of the latest updates to its so-called “grey list” of jurisdictions under increased monitoring for money laundering and terrorist and proliferation financing.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
