Keep Yemen on the gray list for money laundering
English - Sunday 06 March 2022 الساعة 02:34 pm
Aden, NewsYemen, special:
The International Financial Action Task Force (FATF) decided to keep Yemen on the gray list that includes countries that have not made sufficient efforts to eliminate money laundering and terrorist financing, until it implements a set of preventive guidelines.
The global watchdog said, in a statement, that the gray-listed countries "are actively working with the Financial Action Task Force to address strategic deficiencies in their systems to combat money laundering, terrorist financing and the financing of nuclear proliferation."
On Friday 4 March 2022, the Paris-based Financial Action Task Force, which includes 23 members, confirmed that it will continue to monitor the situation in Yemen and conduct a field visit as soon as possible.
The FATF clarified that since February 2010, when Yemen made a high-level political commitment to work with the Financial Action Task Force and the Financial Action Task Force on Anti-Money Laundering to address strategic deficiencies in combating money laundering and terrorist financing, Yemen has made progress in improving the AML/CFT system.
She added: "In June 2014, the FATF decided that Yemen had substantially addressed its work plan at the technical level, including by: appropriately criminalizing money laundering and terrorist financing, and establishing procedures to identify and freeze terrorist assets.
In addition to improving customer due diligence and suspicious transaction reporting requirements; issuing directives, developing the supervisory and supervisory capacity of the financial sector supervisory authorities and the Financial Intelligence Unit; and the establishment of a fully functional and effective Financial Intelligence Unit.
The World Watch Organization confirmed that while the Financial Action Task Force decided that Yemen had completed the agreed action plan, "but due to the security situation, the Financial Action Task Force was unable to conduct a field visit to confirm whether the process of implementing the required reforms and procedures had begun and continued." .
