The Financial Action Task Force disclosed changes Thursday to the process by which the group names and shames countries with weak anti-money laundering regimes in a bid to ease pressure on poorer nations that do not pose significant risks to the global financial system.
An international group rejected a proposal to lower the threshold at which countries fall under deeper global scrutiny for not tackling illicit finance, potentially sparing major economies from ending up on a “gray list” of nations with porous defenses against financial crime.
The Financial Action Task Force directed nations Friday to "prioritize" asset recovery, including by empowering investigators to forfeit funds and other property from suspected money launderers, corrupt officials and other parties who have yet to be convicted of a crime.