FATF Places Cameroon, Croatia, and Vietnam Under Increased Monitoring

The Financial Action Task Force (FATF) has placed Cameroon, Croatia, and Vietnam under increased monitoring in June 2023. These jurisdictions have been identified as having strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes.

The FATF is an international body that sets standards for combating money laundering and terrorist financing. The FATF’s list of jurisdictions under increased monitoring is a list of countries that have committed to addressing their AML/CFT deficiencies within agreed timeframes.

Cameroon, Croatia, and Vietnam are all subject to increased monitoring by the FATF. This means that they will be subject to enhanced scrutiny by the FATF and its members. The FATF will monitor these jurisdictions’ progress in addressing their AML/CFT deficiencies and will take further action if they are not satisfied with the progress that is being made.

The FATF’s decision to place Cameroon, Croatia, and Vietnam under increased monitoring is a sign that these jurisdictions need to take further action to strengthen their AML/CFT regimes. The FATF’s list of jurisdictions under increased monitoring is an important tool for promoting international cooperation in the fight against money laundering and terrorist financing.

Here are some of the strategic deficiencies that have been identified in Cameroon, Croatia, and Vietnam:

• Cameroon: Cameroon has not yet implemented all of the FATF’s recommendations on virtual asset service providers (VASPs).
• Croatia: Croatia has not yet implemented all of the FATF’s recommendations on customer due diligence (CDD) for politically exposed persons (PEPs).
• Vietnam: Vietnam has not yet implemented all of the FATF’s recommendations on terrorist financing.

The FATF has called on Cameroon, Croatia, and Vietnam to take immediate steps to address these deficiencies. The FATF has also said that it will continue to monitor these jurisdictions’ progress and will take further action if necessary.

The FATF’s decision to place Cameroon, Croatia, and Vietnam under increased monitoring is a reminder that all countries need to take the fight against money laundering and terrorist financing seriously. The FATF’s list of jurisdictions under increased monitoring is an important tool for promoting international cooperation in this fight.