The Financial Action Task Force (FATF), the global standards setter for anti-money laundering (AML), combating the financing of terrorism (CFT), and counter-proliferation financing (CPF), identifies jurisdictions under increased monitoring on its “Grey List.” These nations have committed to working closely with FATF to improve strategic deficiencies in their AML/CFT/CPF frameworks.
Following the October 2024 plenary, Senegal was removed from the Grey List in recognition of its substantial progress, while Algeria, Angola, Côte d’Ivoire, and Lebanon were added to address regulatory shortcomings. This development requires regulated entities to adapt their internal AML policies, prioritizing thorough customer due diligence (CDD) with a risk-based approach to engage with customers from grey-listed jurisdictions. The plenary also featured key decisions, including FATF’s updated AML/CFT evaluation of Argentina and Oman, revisions to risk assessment guidance, and proposed updates to FATF standards.
In addition, FATF introduced initiatives for enhanced regional engagement, inviting Senegal and the Cayman Islands to deepen involvement, encouraging diverse insights and strengthening regional collaboration.
These updates underscore FATF’s dedication to maintaining a secure and compliant global financial system, pressing jurisdictions to advance regulatory frameworks that prevent financial crime and enhance cross-border financial security.