FCC Flash

The global anti-money laundering watchdog, FATF, suspended Russia’s membership after finding that Moscow’s conflict in Ukraine breached FATF’s principles. Additionally, South Africa and Nigeria were added to FATF’s “grey list” of countries for failing to combat money laundering and terrorism financing. This setback is significant for Africa’s two largest economies. Cambodia and Morocco were removed from the grey list, considering their progress in improving their respective AML/CFT regimes covered by their individual action plans.

As part of its strategic initiatives, FATF prioritizes improving the transparency of beneficial ownership and preventing criminals, the corrupt, and sanctions evaders from hiding their illegal activities and assets behind anonymous shell companies, other businesses, or legal arrangements.