Global anti-money laundering watchdog the Financial Action Task Force said Friday it added EU member Bulgaria to its "grey list" of countries subject to increased monitoring. 

Countries on the grey list have "strategic deficiencies" in their efforts to counter money laundering and terrorist financing, but are cooperating with the FATF to correct the problems and are subject to increased monitoring. 

Bulgaria joined 22 other nations on the list, while Panama and the Cayman Islands were removed.

More than 200 countries and jurisdictions have pledged to implement the recommendations of the FATF, which regularly reviews their efforts to combat money laundering and the financing of terrorism and weapons proliferation.

The FATF also has a "blacklist" of nations that are considered high-risk jurisdictions.

Countries are urged to apply countermeasures against Iran and North Korea to protect against money laundering and the financing of terrorism and weapons proliferation.

Meanwhile, countries are requested to apply enhanced due diligence concerning Myanmar.