{"id":4408098,"date":"2024-07-05T11:03:50","date_gmt":"2024-07-05T16:03:50","guid":{"rendered":"https:\/\/www.olartemoure.com\/?p=4408098"},"modified":"2024-07-05T11:04:03","modified_gmt":"2024-07-05T16:04:03","slug":"fatf-adds-venezuela-and-monaco-to-grey-list","status":"publish","type":"post","link":"https:\/\/olartemoure.com\/en\/fatf-adds-venezuela-and-monaco-to-grey-list\/","title":{"rendered":"FATF adds Venezuela and Monaco to &#8220;grey list&#8221;"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; theme_builder_area=&#8221;post_content&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; width=&#8221;100%&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][et_pb_column _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; type=&#8221;4_4&#8243; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; text_font_size=&#8221;1.2em&#8221; text_line_height=&#8221;1.5em&#8221; text_orientation=&#8221;justified&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p>The Financial Action Task Force (FATF), an intergovernmental body tasked with developing policies to tackle <a href=\"https:\/\/www.olartemoure.com\/en\/anti-money-laundering-regulation-update\/\" target=\"_blank\" rel=\"noopener\">Money Laundering<\/a> and the <a href=\"https:\/\/www.olartemoure.com\/en\/standards-transparency-ethics-programs\/\" target=\"_blank\" rel=\"noopener\">Financing of Terrorism<\/a>, continues to identify jurisdictions with strategic deficiencies in their regimes against these crimes. On June 28, 2024, FATF added Venezuela and Monaco to its &#8220;Increased monitoring&#8221; or &#8220;Grey List,&#8221; aiming to strengthen their mechanisms to combat Money Laundering, terrorist financing, and the proliferation of weapons of mass destruction.<\/p>\n<p>In Venezuela&#8217;s case, despite making progress such as updating its national risk assessment, it has committed to enhancing its action plan in collaboration with FATF. This includes up to 7 tasks, such as promptly implementing specific financial sanctions and improving the use of financial intelligence by competent authorities. Similarly, Monaco has also committed to 6 measures, focusing on enhancing its understanding of risks related to Money Laundering and international tax fraud, as well as improving the enforcement of sanctions.<\/p>\n<p>Finally, in addition to the commitments made regarding the improvement of the legal and regulatory framework, upon entering the &#8220;Grey List&#8221;, Venezuela and Monaco may face consequences such as increased transaction costs, reduced foreign investment, and reputational damage within the international economy.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Action Task Force, an intergovernmental body tasked with developing policies to tackle Money Laundering and the Financing of Terrorism.<\/p>\n","protected":false},"author":5,"featured_media":4408099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:divi\/placeholder \/-->","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[59,155],"tags":[],"class_list":["post-4408098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter-en","category-compliance-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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