FATF adds Monaco and Venezuela to 'gray list'

The Financial Action Task Force (FATF), the global watchdog for money laundering and terrorist financing, has made significant moves in its latest plenary session held in Singapore, by adding Monaco and Venezuela to the so-called "gray list".

According to Report, on a more positive note, the FATF congratulated Jamaica and Türkiye for their significant progress in implementing action plans to address previously identified weaknesses. As a result, these two nations have been removed from the gray list, no longer subject to the FATF's increased monitoring process.