Update to the FATF Grey List | February 2024

Update to the FATF Grey List | February 2024

The Financial Action Task Force is a global Anti-Money Laundering watchdog. It maintains a list of countries under increased monitoring, popularly known as the “Grey List”, and a list of jurisdictions subject to a call for action, popularly known as the “Blacklist”. In its recently concluded 5th plenary under the leadership of Mr Raja Kumar, it made changes to the Grey List and Barbados, Gibraltar, Uganda, and the United Arab Emirates were taken off the Grey List for their significant progress in addressing AML/CFT deficiency identified during their mutual evaluations. Further, Kenya and Namibia were added to the grey list for various deficiencies identified in their AML/CFT regimes. The grey list changes are announced after a successful on-site visit to these jurisdictions.

Countries removed from the “Grey List”-

  • United Arab Emirates
  • Barbados
  • Gibraltar
  • Uganda

Countries added to the “Grey List”-

  • Kenya
  • Namibia

FATF Grey List as of 23rd February 2024

1. Bulgaria
2. Burkina Faso
3. Cameroon
4. Croatia
5. Democratic Republic of Congo
6. Haiti
7. Jamaica
8. Kenya
9. Mali
10. Mozambique
11. Namibia

12. Nigeria
13. Philippines
14. Senegal
15. South Africa
16. South Sudan
17. Syria
18. Tanzania
19. Türkiye
20. Vietnam
21. Yemen

What is the FATF Grey List?

The Financial Action Task Force maintains a list of jurisdictions under increased monitoring, which is popularly known as the “FATF Grey List”. These Grey List countries have a strategic deficiency in their ability to counter money laundering (ML), terrorist financing (TF), and proliferation financing (PF).

What is the FATF Blacklist?

FATF blacklist is a list of non-cooperative countries in the global fight against money laundering and terrorist financing. Such blacklisted countries are also called High-Risk Jurisdictions subject to a call for action.

How many countries are part of the FATF Grey List?

As of 24 February 2024, are 21 countries on the FATF Grey List.

Is greylisting of a country good thing?

The greylisting of a country by FATF affects a country adversely. Such countries are under increased monitoring, resulting in high costs associated with international trade, which eventually impacts its growth.

What is the difference between a blacklist and a grey list?

  1. The countries which are part of the FATF blacklist are non-cooperative countries with various deficiencies in their AML/CFT regime, whereas FATF Grey List countries do cooperate with the FATF in implementing various action points suggested by it.
  2. The FATF blacklist countries are subject to countermeasures by FATF member countries and other jurisdictions, whereas the FATF Grey List countries remain under increased monitoring.

List of Jurisdictions subject to a Call for action (FATF Blacklist) : 24th February 2024

The list of jurisdictions subject to a call for action (Blacklist) remains unchanged, and as of 24th February 2024, North Korea and Iran are part of the list. Further, with regards to Myanmar, the FATF has recommended its members and other jurisdictions take a risk-based approach and apply enhanced due diligence measures.

We are committed to assisting proper enforcement of AML and CFT regulations to regulated entities in India by designing a personalised AML framework – policies, internal controls, and procedures – and ensuring effective implementation of the same.

subscribe to newsletter

This field is for validation purposes and should be left unchanged.

© AML India 2023 All Rights Reserved.

Schedule a meeting now!

  • This field is for validation purposes and should be left unchanged.