- The Financial Action Task Force (FATF) recently held a review meeting.
- Bulgaria was placed on the gray list during this meeting.
- Cayman Islands, Panama, Jordan, and Albania have also been removed off the “grey list.”
- Countries on the gray list do not meet the organization’s anti-money laundering, counter-terrorism funding, or proliferation finance guidelines.
- Countries on this list will be subject to enhanced scrutiny until the shortcomings in their regulatory structure are addressed.
- Bulgaria is a Balkan country in Europe’s south-east.
Sofia is its capital. - The FATF was created in 1989.
- Its headquarters are in Paris.
