FATF removes four countries from Grey List

The Financial Action Task Force (FATF) has removed Bulgaria, Côte d'Ivoire, the Democratic Republic of the Congo (DR Congo), and Monaco from its Grey List. The four jurisdictions completed action plans and introduced reforms to strengthen their anti-money laundering and counter-terror, financing (AML/CFT) regimes.

FATF President Giles Thomson announced the decision during a press conference on October 30, following a Plenary meeting held under the United Kingdom's Presidency from October 28 to 30. The Plenary also approved a major report on scam compounds and agreed to accelerate its review of virtual asset standards.

Thomson highlighted the UK Presidency's focus on tackling the global fraud epidemic, strengthening the risk-based approach to financial crime, and enhancing information sharing. He emphasized the growing threat of digital fraud and the need for rapid responses to match the speed of financial crime.

The scam compounds report, based on over 100 case studies, examines activities across Africa, Europe, Central America, and Southeast and Eastern Asia. Thomson noted that illicit funds could move from a victim's account to an exit point in as little as three to five minutes, while victims often took 20 hours to realize they had been scammed.

The report also warned of the role of artificial intelligence in enabling impersonation attacks and the use of instant payment systems and virtual assets to move funds quickly and conceal proceeds. The report is scheduled for publication the following week.

The FATF also agreed to accelerate its work on virtual assets through a new targeted review and follow-up processes, focusing on jurisdictions with significant virtual asset sectors. Results are expected in June and October.