https://www.moneylaundering.com/news/fatf-updates-gray-list/

The Financial Action Task Force added the British Virgin Islands and Bolivia to a global “gray list” Friday after both countries failed to fill key gaps in their defenses against illicit finance by deadline.

In a statement released at the end of the group’s latest triannual summit in Strasbourg, France, FATF urged authorities in the British Virgin Islands to bolster their supervision of corporate services providers, improve suspicious-activity-reporting and seize more assets from criminals, among other measures.

Mali, Tanzania and Croatia meanwhile exited the gray list after making “significant progress” against a range of shortcomings that came to light during evaluations in 2019, 2021 and 2022, respectively.

FATF also unveiled new transparency standards for domestic and international payments; guidance aimed at boosting financial inclusion; a report on complex proliferation-financing and sanctions-evasion schemes; and findings from the group’s latest evaluation of Latvia, the first nation assessed under an updated, more risk-based methodology.