The Financial Action Task Force (FATF) 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 designations, announced in a press release Friday, bring to 26 the list of countries working with the global money laundering and terrorism financing watchdog to resolve deficiencies identified in their anti-financial crime regimes.
“The FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions,” the organization said, instead suggesting its members apply a risk-based approach in their dealings in the regions.
The FATF observed Cameroon has increased the capacity of its investigative authorities and judicial bodies to effectively conduct money laundering/terrorist financing cases but still must demonstrate anti-money laundering/countering the financing of terrorism (AML/CFT) cooperation and coordination between competent authorities and enhanced risk-based supervision of banks and other financial institutions, among other recommendations.
Croatia was lauded for enhancing and implementing more effective sanctions in supervisory activities and enhancing implementation of preventive measures for high-risk sectors. But the country must work with the FATF to improve its human resources and analytical capabilities, the organization said.
In Vietnam, the country has adopted a national action plan on AML/CFT but still must increase its risk understanding, domestic coordination, and international cooperation to combat money laundering and terrorist financing, the FATF said.
Other countries that remain on the FATF’s list include Albania, Barbados, Burkina Faso, the Cayman Islands, the Democratic Republic of the Congo, Gibraltar, Haiti, Jamaica, Jordan, Mali, Mozambique, Nigeria, Panama, the Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Turkey, Uganda, United Arab Emirates, and Yemen.
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