Author: Dr. Angelika Hellweger 6 July 2023
Angelika Hellweger of Rahman Ravelli details the latest changes to the Financial Action Task Force’s Grey List.
The Financial Action Task Force (the FATF) has announced that it has put Cameroon, Croatia and Vietnam on its "grey list" of countries under increased monitoring.
The international money laundering watchdog has added the three countries to the 23 states currently on the list, who are "actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing".
The announcement came on the final day of the FATF's plenary meeting in Paris. The 39-member body, which is based in Paris, has a grey list of countries requiring closer monitoring and a black list of nations classed as high-risk.
No changes were made to the FATF black list. At present, that list is made up of Iran, Myanmar and North Korea. The FATF recommends that countries on this list should be subject to much closer scrutiny.
More than 200 countries and jurisdictions have agreed to implement the FATF's standards. Its recommendations include actions covering transparency, preventive measures coordination and punitive measures.
Angelika is a specialist in international, high-level economic crime investigations and large-scale commercial disputes. She has widely-recognised expertise in representing corporates and conglomerates in Europe, the Middle East, Africa and United States.