FATF tightens criteria for grey list

24/10/2024

The Financial Action Task Force (FATF) has revised the criteria for inclusion on the grey list. The countries on this list do not fully comply with international standards on anti-money laundering. However, they are actively cooperating with the FATF. It is important for Wwft-obligated intitutes to follow the FATF lists to assess risks and adjust policies accordingly.  

The FATF criteria for placing countries on the grey list focuses on strategic shortcomings of countries in their fight against money laundering and terrorist financing. Countries must commit to working with FATF to further address these problems. Previously, the criteria had a similar format, but the latest revisions have sharpened the focus on transparency, effective monitoring and accountability for financial crime.  

The main focus will now be on countries that pose a greater risk to the international financial system. Countries are considered a priority if they are a FATF member, are on the World Bank list of high-income countries, or have financial assets above $10 billion USD. Developing countries are only assessed if they pose a significant risk. 

More information on this post? If so, be sure to read this article.