Venezuela and Monaco have been added to the list of countries under increased scrutiny by the Financial Action Task Force (FATF). This decision was made during the organization's plenary meeting in Singapore.

Conversely, Turkey and Jamaica are no longer on the so-called «grey list», according to a statement released on Friday.

The Paris-based FATF acknowledged Monaco's «significant progress,» including the establishment of a new financial investigations unit that also serves as an anti-money laundering supervisory authority. However, deficiencies were noted in handling funds that could be related to tax offenses committed abroad and in the principality's slow pace in tracking criminal assets in other countries.

Monaco is urged to increase resources for money laundering investigations and to ensure «effective, dissuasive, and proportionate» sanctions.

Venezuela's Challenges

Venezuela faces stringent compliance requirements in the financial sector and other areas due to US sanctions. The country has been enduring a severe economic crisis for years.

Progress in Turkey and Jamaica

The FATF also removed Turkey and Jamaica from the «grey list» as both countries have made «significant progress» in improving their anti-money laundering and counter-terrorism financing systems.

The countries now under increased FATF scrutiny include Bulgaria, Burkina Faso, Cameroon, Croatia, Democratic Republic of Congo, Haiti, Kenya, Mali, Monaco, Mozambique, Namibia, Nigeria, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam, and Yemen.

North Korea, Iran, and Myanmar remain classified as high-risk countries.