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

The Financial Action Task Force (FATF) is a global watchdog on Money Laundering, Terrorism Financing, and Proliferation Financing. It releases a list of Jurisdictions under Increased Monitoring, commonly referred to as the Grey List. The FATF also sets international standards related to the Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regimes.  

The Grey List includes countries that are proactively working with the FATF to counter strategic deficiencies in their regulatory framework to combat the threats of ML/TF and PF. 

On 25 October 2024, the FATF concluded its October Plenary. In this latest plenary, the FATF removed Senegal from the ‘Grey List’. Senegal’s removal is in recognition of the countries significant progress in improving its AML/CFT/CPF regime.  

This plenary also resulted in additions to the ‘Grey List’. The FATF added Algeria, Angola, Côte d’Ivoire, and Lebanon to the ‘Grey List’. These countries are now expected to work with the FATF and address the deficiencies in their AML/CFT/CPF regimes.  

This requires modifications to the regulated entity’s internal AML policies and procedures to ensure that adequate Customer Due Diligence measures are applied while engaging with customers from or closely associated with the “FATF-defined Jurisdictions Subject to Increased Monitoring” list, adopting a risk-based approach. 

Other updates from this Plenary include: 

  • Adoption of joint FATF GAFILAT mutual evaluation report of Argentina, recognising the improvement Argentina made in its AML/CFT/CPF framework. 
  • Adoption of FATF-MENAFATF assessment of Oman, recognising the positive steps of Oman to improve its AML/CFT/CPF regime with robust technical compliance. 
  • Revision in FATF guidance for National Money Laundering Risk Assessment. 
  • Agreement to release for public consultation proposed revisions to FATF standards, mainly Recommendation 1. 
  • Agreement to strengthen support to regional bodies, for high-quality, consistent evaluations across the global network. 
  • Launching initiative by inviting Senegal and the Cayman Islands to participate actively in the FATF to further engage with the region and acknowledge diverse perspectives. 

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

Source: Jurisdictions under Increased Monitoring – 25 October 2024

To dive deeper into the FATF Grey List Update History: Refer to FATF Grey List and Blacklist Update History

To learn more about the difference between FATF-blacklisted countries and greylisted countries: Checkout What are FATF Blacklist and Grey list countries? 

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