Senegal Removed; Lebanon, Algeria, Angola, and Côte d’Ivoire Added: FATF Grey List October 2024 Update
Senegal Removed; Lebanon, Algeria, Angola, and Côte d’Ivoire Added FATF Grey List October 2024 Update
As a global watchdog of Money Laundering, Terrorism Financing, and Proliferation Financing, the Financial Action Task Force (FATF) establishes international standards for Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regimes.
On October 25, 2024, the FATF concluded its latest plenary with several important decisions.
At this plenary, the FATF announced Senegal’s removal from the ‘Grey List,’ or the ‘Jurisdictions under Increased Monitoring,’ which includes countries actively collaborating with FATF to resolve strategic deficiencies in their AML/CFT/CPF frameworks. This removal acknowledges Senegal’s progress in improving its AML/CFT/CPF regulations.
At the same time, Algeria, Angola, Côte d’Ivoire, and Lebanon have been added to the Grey List. These countries will work alongside the FATF to address existing deficiencies in their AML/CFT/CPF frameworks.
In line with this, the list of High-Risk Third Countries has also been modified to reflect the changes.
This requires modifications to the business’s internal AML policies and procedures to ensure adequate Customer Due Diligence measures are applied while engaging with customers from or closely associated with High-Risk Third Countries.
Changes in Financial Action Task Force (FATF) Grey List
Countries Removed from FATF's Grey List (Jurisdiction Under Increased Monitoring):
- Senegal
Countries Added to FATF's Grey List (Jurisdictions under Increased Monitoring):
- Algeria
- Angola
- Côte d’Ivoire
- Lebanon
FATF Grey List as of 25th October 2024
1. Algeria
2. Angola
3. Bulgaria
4. Burkina Faso
5. Cameroon
6. Côte d’Ivoire
7. Croatia
8. Democratic Republic of the Congo
9. Haiti
10. Kenya
11. Lebanon
12. Mali
13. Monaco
14. Mozambique
15. Namibia
16. Nigeria
17. Philippines
18. South Africa
19. South Sudan
20. Syria
21. Tanzania
22. Venezuela
23. Vietnam
24. Yemen
