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Bulgaria became the third EU nation Friday to be included on the Financial Action Task Force’s 23-strong “gray list” of jurisdictions with strategic gaps in their defenses against financial crime.

FATF said in a statement at the end of a three-day summit in Paris that the Balkan nation must improve compliance with several of the group’s 40 technical standards against illicit finance, pursue more cases against suspected money launderers, corrupt officials and members of organized crime syndicates, and introduce legal and regulatory reforms.

Panama meanwhile exited the list Friday after four years of enhanced monitoring by FATF, as did Albania, Jordan and the Cayman Islands.

FATF’s delegates also agreed to strengthen standards for asset recovery and guarding nonprofits from terrorist financiers; approved the final text of a report on terrorism-related crowdfunding; discussed the evaluation of Brazil’s laws, regulations and overall campaign against illicit finance; and welcomed Indonesia as the group’s 40th member.