Iran and North Korea remain on the Financial Action Task Force’s blacklist
The Financial Action Task Force, a global institution combating money laundering and terrorist financing, has suspended Russia’s membership in the organization and has kept the Islamic Republic of Iran and North Korea on its blacklist.
Keeping Iran and North Korea on the blacklist is due to the lack of progress in implementing the group’s recommendations to improve their domestic regulations for combating money laundering and fighting the financing of terrorist groups.
Being on the FATF blacklist means that the organization strongly advises its members, which include a network of various countries, international institutions, and financial and credit institutions, to refrain from engaging in financial and banking transactions with the blacklisted country. This is because the country is considered high-risk in terms of combating money laundering and terrorist financing and has significant strategic deficiencies in this area.
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