LatinNews Daily - 24 October 2022

In brief: FATF removes Nicaragua from ‘grey’ list, signals other concerns

*The Financial Action Task Force (FATF) of the Organisation for Economic Co-operation and Development (OECD) has removed Nicaragua from its list of jurisdictions subject to the FATF’s increased monitoring process (externally referred to as the ‘grey list’) noting progress in improving the elements of its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime covered by its action plan. According to FATF, Nicaragua has “addressed technical deficiencies to meet the commitments of its action plan regarding strategic deficiencies in the areas that the FATF identified in February 2020” and “is therefore no longer subject to the FATF’s increased monitoring process”. However, FATF states that it “is strongly concerned by the potential misapplication of the FATF Standards resulting in the suppression of Nicaragua’s non-profit sector” – a reference to the mass closures of NGOs as part of efforts by the government led by President Daniel Ortega to shutter dissent. It adds that “Nicaragua should continue to work with the Financial Action Task Force of Latin America (Gafilat) to improve further its AML/CFT regime, including by ensuring its oversight of NPOs [non-profit organisations] is risk-based and in line with the FATF Standards. Nicaragua is strongly encouraged to continue cooperating with Gafilat on this issue.”

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