FATF - Financials Action Task Force

 What is the FATF Grey List?

The FATF's (Financial Action Task Force) grey list is a list of nations that have been found to have weaknesses in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes but have pledged to fix them. Being on the grey list means a nation is in danger of being added to the blacklist if the appropriate measures are not taken to strengthen its AML/CFT framework.


Why are Countries added to the FATF Grey List?

When nations do not adhere to the FATF's AML/CFT standards, which are based on the organization's guidelines, they are included to the grey list maintained by the FATF. These criteria are used to evaluate a nation's capacity to stop, catch, and prosecute acts of money laundering and financing terrorism.

How can Countries be removed from FATF Grey List?

A nation must take significant actions to strengthen its AML/CFT system and show that it has made progress in addressing its shortcomings in order to be taken off the FATF grey list. This often entails putting changes into place, establishing new laws and rules, and enhancing the AML/CFT framework's capacity to detect and stop money laundering and terrorist financing schemes.

Each nation on the grey list is subject to a mutual examination by the FATF in order to gauge its development and determine whether it has achieved enough advancements to be taken off the list. A nation may be taken off the grey list if it can show that the required reforms have been completely implemented and that it has made significant improvements to its AML/CFT system. A nation could face additional sanctions or be banned if it doesn't make sufficient strides to remedy its shortcomings or fails to show progress.


Recently Added Countries to FATF Grey List?

Since October 2022, the FATF has evaluated the development of the following nations: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Panama, Philippines, Senegal, South Sudan, Turkey, UAE, and Uganda. However, it might not always represent the most recent state of the AML/CFT regimes in the respective jurisdictions. The FATF now also identifies after review.


FATF GREY LIST COUNTRIES 2023

1. Albania
2. Burkina Faso
3. Barbados
4. Gibraltar
5. Haiti
6. Jamaica
7. Jordan
8. Mali
9. Syria
10. Mozambique
11. Tanzania
12. Turkify
13. Uganda
14. Nigeria
15. Philippines
16. UAE
17. Senegal
18. Yemen
19. South Africa
20. South Sudan
21. Cayman Islands
22. D.R of Congo
23. Panama

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