Updates on Country Monitoring<\/h2>\n\n\n\n
One of the key outcomes of the FATF Plenary was the new list of jurisdictions under increased scrutiny and monitoring. Jamaica and T\u00fcrkiye were congratulated for their substantial progress in addressing the regulatory deficiencies previously identified in their Anti-Money Laundering (AML) regimes. Both countries completed their Action Plans within the agreed timeframes and were thus removed from the FATF\u2019s increased monitoring list. <\/p>\n\n\n\n However, this does not mark the end of their responsibilities. Both countries will continue to collaborate with the FATF and their respective local regulatory bodies to strengthen their AML and CFT frameworks further.<\/p>\n\n\n\n Monaco and Venezuela, however, were added to the increased monitoring list. These countries have now committed to implementing Action Plans to resolve the strategic deficiencies that were identified during the Plenary. This addition highlights the ongoing global efforts to ensure all jurisdictions meet the FATF standards for combating financial crimes.<\/p>\n\n\n\n The FATF Plenary meeting<\/a> reiterated its increased concerns regarding the Democratic People\u2019s Republic of Korea (DPRK). Despite frequent requests for action, the DPRK continues to exhibit significant deficiencies in its Anti-Money Laundering<\/a> (AML) and Combating the Financing of Terrorism (CFT) regimes.<\/p>\n\n\n\n The DPRK\u2019s illicit activities relate to the proliferation of weapons of mass destruction and pose serious threats to international security. Furthermore, the region has multiple connections with the international financial system, which heightens proliferation financing risks. During the Plenary, the FATF called for heightened vigilance and the renewed implementation and enforcement of countermeasures when trading with the DPRK.<\/p>\n\n\n\n The FATF achieved a milestone regarding the revision of the criteria used in the International Cooperation Review Group (ICRG) process. The process is now more understanding of the challenges lesser developed countries face regarding the scope and capacity for money laundering. The revision was completed to ensure that the FATF\u2019s grey and blacklists specifications remain effective and fair in comprehending AML deficiencies that could pose a threat to the security of the global financial system.<\/p>\n\n\n\n The Plenary found common ground on how countries will be assessed for the upcoming 5th Round of Mutual Evaluations, revising FATF standards. These standards now focus more on asset recovery and international cooperation to prevent the proceeds of illicit activity. <\/p>\n\n\n\n Therefore, in the future, countries must show a commitment to prioritizing asset recovery, confiscating criminal assets, and collaborating globally. Learn more about these Mutual Evaluations by reading FATF Recommendations in 5th Mutual Evaluations.<\/a><\/p>\n\n\n\n T. Raja Kumar met with the leads of other FATF-style regional bodies to discuss progress and set priorities for the upcoming year. These partnerships are crucial for the success of international financial regulation, and the key priorities were found to be:<\/p>\n\n\n\n![\"Expectations](\"https:\/\/www.complycube.com\/wp-content\/uploads\/2024\/07\/2-3-1024x577.jpg\")
<\/figure>\n\n\n\nHigh-Risk Jurisdictions<\/h2>\n\n\n\n
Successful Revision of ICRG Criteria<\/h2>\n\n\n\n
5th Round of Mutual Evaluations<\/h2>\n\n\n\n
International Cooperation<\/h2>\n\n\n\n
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