The Financial Action Task Force removes Bulgaria, Côte d’Ivoire, the Democratic Republic of the Congo, and Monaco from the grey list on money laundering

The Financial Action Task Force (FATF) has removed Bulgaria, Côte d’Ivoire, the Democratic Republic of the Congo and Monaco from its grey list of jurisdictions monitored for deficiencies in combating money laundering and terrorist financing. The decision was announced after the four states made progress in addressing previously identified shortcomings.

FATF has warned Vietnam, however, that it could take further action if the authorities do not significantly improve their reforms by the next plenary session. Inclusion on the grey list does not entail direct sanctions, but it can make access to financing more difficult, as banks scrutinize transactions more closely, while international loans and transfers may become more costly.

The Congolese finance minister welcomed the country’s removal from the list, saying the measure should reduce the pressure and costs of cross-border transactions for banks, citizens and companies. Monaco described the decision as recognition of the efforts made over the past two years.

Iran, Myanmar and North Korea remained on the blacklist, reserved for jurisdictions with serious strategic deficiencies. In North Korea’s case, analysts cited cyberattacks attributed to North Korean hackers, including the theft of $6.3 billion from the Binance platform.