Venezuela: End of the CFATF Third Round Follow-Up Process & CFATF International Cooperation Review Group (CFATF ICRG) Monitoring
The CFATF held its XXXIX Plenary in Miami, Florida during the week of May 25-29, 2014 during which time some Member countries were removed from the third round follow-up process and entered biennial updating; while other Member countries exited the CFATF ICRG monitoring process.
JURISDICTIONS ENTERING BIENNIAL UPDATING
The May 2014 Plenary recognised that Venezuela had made significant progress in addressing the deficiencies identified in their 2009 Mutual Evaluation Report and therefore could be removed from the regular follow-up process.
Venezuela implemented several legislative and other action which resulted in the country addressing all deficiencies in Core and Key Recommendations 3, 5, 10, 13, 23, and 26, Special Recommendations I, II, III and IV. Additionally, Venezuela has also made progress in compliance with Recommendations 6, 7, 8, 9, 14, 21, 22, 27, 30, 32, 33, 34, 38, as well as Special Recommendations VI and VII, which are considered fully addressed.
Venezuela's 8th Follow-Up Report, which was presented at the May 2014 contains a detailed description and analysis of the actions taken by Venezuela to rectify the deficiencies identified in respect of the Core and Key Recommendations rated PC or NC in the 2009 mutual evaluation report.