FATF: Bulgaria, Côte d’Ivoire, DRC, and Monaco Leave Grey List

Bulgaria, Côte d’Ivoire, the Democratic Republic of the Congo (DRC), and Monaco have been removed from the Financial Action Task Force’s (FATF) grey list after completing reforms to strengthen their defenses against money laundering and terrorist financing.

The decision, announced on October 30, followed successful on-site visits. FATF said the four jurisdictions had completed their action plans within the agreed timeframes. The removals were approved at its plenary meeting in Paris, held from October 28–30.

No countries were added to the grey list, leaving 18 jurisdictions under increased monitoring. The list identifies countries working with the FATF to address strategic weaknesses in their systems for combating illicit finance.

Among other changes, Côte d’Ivoire improved international cooperation and increased money laundering and terrorist financing investigations and prosecutions. The DRC strengthened its financial intelligence unit and the capabilities of authorities investigating and prosecuting financial crime.

Bulgaria’s reforms included improving the accuracy of beneficial ownership information and strengthening money laundering investigations and prosecutions. Monaco increased seizures of suspected criminal property and stepped up enforcement of anti-money laundering and beneficial ownership requirements.

The Council of Europe’s anti-money laundering body, MONEYVAL, welcomed Bulgaria’s and Monaco’s removal. Chair Nicola Muccioli said:

All four jurisdictions will continue working with their respective FATF-style regional bodies to maintain improvements in their financial crime controls.