The FATF have announced the following actions:
- They have placed Africa’s two biggest economies (South Africa and Nigeria) on its Grey List.
- Suspended Russia over the ongoing conflict with Ukraine.
- Reviewed (since October 2022) and produced a statement for the following countries: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Panama, Philippines, Senegal, South Sudan, Türkiye, UAE, and Uganda
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Grey list (subject to increased monitoring) |
Grey list new additions Feb/2023 |
No longer subject to increased monitoring |
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Why are Countries added to the FATF Grey List?
Countries are added to the FATF grey list when they fail to meet the FATF's standards, which are based on the recommendations outlined by the FATF. These standards are used to assess countries' ability to prevent, detect, and prosecute money laundering and terrorist financing activities.
The FATF conducts a mutual evaluation of each country on the grey list to assess their progress and determine if they have made sufficient improvements to be removed from the list. If a country demonstrates that it has fully implemented the necessary reforms and has taken effective steps to improve its AML/CFT regime, it can be removed from the grey list. However, if a country fails to demonstrate progress or takes insufficient steps to address its deficiencies, it may be subject to further sanctions or be blacklisted.
How can we help?
- Provide AML assurance Services.
- Review or create Compliance framework.
- AML training
- Outsource MLRO/ Compliance Officer
- Regulatory Reporting
