SANAA, Yemen, June 26 (UPI) -- The Financial Action Task Force has added Yemen to its list of countries that have failed to tackle money-laundering and terrorist financing related issues.
In its latest statement, the group criticized Yemen for not addressing the risks arising from deficiencies associated with its jurisdiction, stressing inaction could lead to Yemen being labeled a high-risk or uncooperative jurisdiction.
The Socialist Forum newspaper Tuesday said Yemen failed to implement FATF recommendations to prevent terror-related financial activities, jeopardizing the impoverished nation's ability to do business with the international community.
The FATF is an inter-governmental body established in 1989 by the ministers of its member jurisdictions. Its objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money-laundering, terrorist financing and other related threats to the integrity of the international financial system.
