At a plenary meeting in Singapore it also added Venezuela to the list of nations considered to have “strategic deficiencies” in countering money laundering and terrorist financing, while however cooperating with the FATF to correct the problems.

Jamaica and Turkey were removed from the list after resolving the deficiencies identified by the FATF, which monitors efforts by more than 200 countries and jurisdictions to prevent money laundering and the financing of terrorism.

The FATF also has a “black list” of nations which are considered high-risk jurisdictions.

The body urged countries to apply countermeasures against Iran and North Korea and warned about the latter’s “illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing”.

It urged countries to end all business with North Korean banks and limit business with Pyongyang entities.

The FATF also urged countries to apply countermeasures to Iran, which it noted had not ratified the Palermo and Terrorist Financing Conventions.