Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT): FATF updates “ Black and Grey Lists”
The Financial Action Task Force (FATF) has recently (February 2024) reviewed 131 countries and jurisdictions and publicly identified 106 of them. 82 out of 106 have been removed from the process as they have made the necessary reforms to address their AML/CFT weaknesses.
'Black List’
Democratic People's Republic of Korea, Iran and Myanmar has been identified by FATF as jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and financing of proliferation.
‘Grey list’
The countries under this list works actively with FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
The jurisdictions under increased monitoring by FATF are:
Financial Institutions need to comply to AML/CFT regulations, hence they should take notice of these updates for their internal risk policies.
See here the official "Black and grey" lists from FATF.
More AML/CFT? Check out this post.
