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FATF's bad boys - February 2020

The Financial Action Task Force has removed Trinidad and Tobago from its list of countries subject to "enhanced monitoring."

But there are eighteen still on the list including one, in particular, which has been mounting a charm offensive.

It's almost become boring except that it's become amusing. The government of Pakistan doesn't get involved, at least not in any way that is obvious. But there are "commentators" who have produced, prior to each of the past two Financial Action Task Force's major meetings, a stream of social media posts claiming that Pakistan is going to be removed from the list or, if not removed, that it is to be congratulated on its great efforts.

When the FATF released its notice late on Friday, this is what it said about Pakistan "All deadlines in the action plan have expired. While noting recent and notable improvements, the FATF again expresses concerns given Pakistan’s failure to complete its action plan in line with the agreed time-lines and in light of the Terrorist Financing risks emanating from the jurisdiction. To date, Pakistan has largely addressed 14 of 27 action items, with varying levels of progress made on the rest of the action plan."

The full list comprises Albania, The Bahamas, Barbados, Botswana, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, Zimbabwe.

In the case of Syria and Yemen, the FATF says that they have completed the technical aspects of their action plan but that, for security reasons, the FATF cannot conduct an inspection and, therefore, the two countries remain on the list.

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