(15)Venezuela made a high-level political commitment in June 2024 to work with the FATF and the Caribbean Financial Action Task Force (CFATF), which is its FSRB, to strengthen the effectiveness of its AML/CFT regime. Venezuela will continue to work on the implementation of its FATF action plan to address its strategic deficiencies by: strengthening its understanding of ML/TF risks, including in relation to TF and legal persons and arrangements; ensuring that the full range of financial institutions and DNFBPs is subject to AML/CFT measures and risk-based supervision; ensuring that adequate, accurate and up-to-date beneficial ownership information is accessible in a timely manner; enhancing the resources of the FIU and improving competent authorities’ use of financial intelligence; enhancing the investigation and prosecution of ML and TF; ensuring measures to prevent the abuse of NPOs for TF are targeted, proportionate, and risk-based and do not disrupt or discourage legitimate activities within the NPO sector; and implementing TFS related to TF and PF without delay. While recognising and welcoming the commitment and progress made by Venezuela so far, and encouraging further efforts, the Commission concludes that Venezuela has not yet fully addressed the concerns that led to its addition to the FATF’s list of ‘Jurisdictions under Increased Monitoring’. Venezuela should therefore be considered a high-risk third country.