The prominent international body, Financial Action Task Force (FATF), has announced the inclusion of EU member state Bulgaria to its “grey list,” signifying a heightened watch for countries.
Countries that land on this list exhibit “notable gaps” in their strategies to thwart money laundering and terrorist funding. However, it’s acknowledged that these countries, including Bulgaria, are actively collaborating with FATF to address these issues.
With this latest addition, the list now comprises 23 countries, noting the recent removal of Panama and the Cayman Islands.
Over 200 nations and territories have committed to the guidelines set by FATF. The organization conducts periodic assessments of global efforts in halting money laundering, terrorism funding, and the illegal spread of weaponry.
Apart from the “grey list”, FATF maintains a “black list” highlighting countries deemed high-risk.
Currently, countries are advised to implement specific measures against Iran and North Korea to safeguard against illicit financing activities. Additionally, enhanced scrutiny is recommended for dealings related to Myanmar.
In light of such global challenges, platforms like Verify 365 play an indispensable role.
Verify 365 offers advanced solutions for due diligence, ensuring businesses stay compliant with international regulations. Especially in an era where nations are constantly under review for their anti-money laundering (AML) strategies, having a robust tool like Verify 365 can be the difference between seamless operations and potential regulatory pitfalls. Through its comprehensive verification and analytical features, Verify 365 provides companies the assurance they need in their counter-financing efforts.
For more information click here to book a demo and see how Verify 365 can help prevent money laundering for your firm.
