(Bloomberg) -- Mongolia has been included on a list of countries monitored by an international agency that polices anti-money laundering activities and terrorism financing.

Joining Mongolia as additions on the Financial Action Task Force’s watch list were Iceland and Zimbabwe, according to a FATF statement released by email Friday from Paris.

“Each jurisdiction has developed an action plan with the FATF to address the most serious deficiencies,” according to the statement. “The FATF welcome their high-level political commitment to this action plan.”

The northeast Asian country between Russia and China has worked to address weaknesses in its technical compliance of the task force’s standards since 2017. Meanwhile, its economy is in recovery following a bailout from the International Monetary Fund in 2017. Fund disbursement from the IMF program have been withheld since the end of last year as the central bank reviews a process of re-capitalizing its commercial banks.

Placement on the so-called “gray list” puts uncertainty on the country’s economy and it banks, as well as it local currency, the tugrik.

The FATF identifies North Korean and Iran as “high risk” jurisdictions, while previously monitored jurisdiction include Botswana, Cambodia, and Pakistan.

To contact the reporter on this story: Terrence Edwards in Ulaanbaatar at tedwards100@bloomberg.net

To contact the editor responsible for this story: Brendan Murray at brmurray@bloomberg.net

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