Countries that are Still on FATF Grey List in 2022: The FATF GREY list is prepared by the Financial Action Task Force (FATF), an intergovernmental body formed to combat money laundering. It was established in July 1989 by the G7 Summit at the Arche de la Defense in France as part of the group’s efforts to curb drug trafficking. The task force was convened by the G-7 member States, the European Commission, and eight other countries.
The Economic Declaration from that G-7 Summit states that the task force is convened “to assess the results of cooperation already undertaken in order to prevent the utilization of the banking system and financial institutions for the purpose of money laundering, and to consider additional preventive efforts in this field, including the adaptation of the legal and regulatory systems so as to enhance multilateral judicial assistance”.
What is the FATF Grey List?
The FATF grey list is the agency’s official list of countries and jurisdictions that are identified as having strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. Unlike the blacklisted ones, the countries which are on FATF Grey list actively work with the FATF to address strategic deficiencies in their regimes. “When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring,” says the FATF.
These countries are mandated to periodically report on the progress made in addressing the identified strategic deficiencies, while the FATF closely monitors the progress of their agreed action plans expeditiously and within the proposed timeframes. “The FATF does not call for the application of enhanced due diligence to be applied to these jurisdictions but encourages its members to take into account the information presented below in their risk analysis.”
List of Countries under FATF Grey List (October 2022)
While the greylisting is not as severe as the blacklisting, where countries are subjected to hard-hitting economic sanctions, it creates a negative impact on the economy of the listed country.
Their transactions on the international level are closely monitored and thoroughly scrutinized. Some countries may also stop economic relations with a greylisted country. As of June 2022, the following 23 countries are on the FATF grey list.
- Albania
- Barbados
- Burkina Faso
- Cambodia
- Cayman Islands
- Gibraltar
- Haiti
- Jamaica
- Jordan
- Mali
- Morocco
- Myanmar
- Nicaragua
- Panama
- Philippines
- Senegal
- South Sudan
- Syria
- Turkey
- Uganda
- United Arab Emirates
- Yemen