The Financial Action Task Force an international organization based in Paris added Venezuela and Monaco to its gray list. The decision was taken during the council’s plenary in Singapore on June 28 and was supported by member’s discussion and vote.

The FATF announced the measure after considering that the actual measures against money laundering from both jurisdictions lack of robust and comprehensive approach. In its report on the decision, the organization cited “insufficient money laundering and terrorist financing protocols”.

In addition, the Financial Action Task Force (FATF) adds both countries to its notorious grey list subjecting them to improve scrutiny against illicit financial activities and cooperate with global watchdogs.