FATF removes Algeria, Namibia from money laundering 'grey list'

The Financial Action Task Force (FATF) has removed Algeria and Namibia from its list of jurisdictions under increased monitoring for deficiencies in combating money laundering and terrorist financing. The decision, announced June 19, follows successful on-site visits confirming the countries' progress in addressing strategic shortcomings.

Both nations have completed their action plans within the set timelines, leading to their exit from the FATF's 'grey list.' This means they will no longer be subject to the intensive follow-up process. However, they will continue to work with equivalent regional bodies to sustain improvements in their anti-money laundering and counter-terrorist financing systems.

Conversely, Bosnia Herzegovina and Iraq have been added to the 'grey list.' The FATF cited a high-level political commitment from both countries to enhance their anti-money laundering frameworks. Bosnia Herzegovina is expected to strengthen its defenses against criminals and terrorists exploiting its financial system, while Iraq must address cash-related risks, increase investigations, and improve financial intelligence usage.

Angola, Bolivia, Bulgaria, Cameroon, Ivory Coast, the Democratic Republic of Congo, Haiti, Kenya, Kuwait, Laos, Lebanon, Monaco, Nepal, Papua New Guinea, South Sudan, Syria, Venezuela, Vietnam, and the Virgin Islands also remain on the 'grey list.' North Korea, Iran, and Myanmar continue to be classified as high-risk countries. The FATF specifically urged Myanmar to take adequate measures against widespread cyber fraud and scams that pose significant risks to illicit finance.