An official statement or report by the Financial Action Task Force (FATF), an intergovernmental organization that sets international standards for combating money laundering, terrorist financing, and proliferation financing. The FATF maintains a “grey list” of jurisdictions that have strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. Jurisdictions on this list are actively working with the FATF to address these deficiencies and are subject to increased monitoring.
Key points from the text include:
- Increased Monitoring and the Grey List: Jurisdictions placed under increased monitoring are committed to swiftly addressing identified strategic deficiencies in their AML/CFT regimes within agreed timeframes. The list is commonly referred to as the “grey list.”
- FATF and FSRBs: The FATF and FATF-style regional bodies (FSRBs) work with these jurisdictions to assess and monitor their progress in addressing AML/CFT deficiencies.
- Action Plans and Risk-Based Approach: The FATF calls on these jurisdictions to complete their action plans promptly and within agreed timeframes. The FATF emphasizes a risk-based approach to AML/CFT and does not recommend the application of enhanced due diligence measures to these jurisdictions.
- Additional Jurisdictions: The FATF continuously identifies and reviews additional jurisdictions that have AML/CFT deficiencies. Some jurisdictions may not have been reviewed yet but will be in due course.
- Flexibility and Voluntary Reporting: Jurisdictions that do not face immediate reporting deadlines have the flexibility to report their progress on a voluntary basis.
- Recent Progress Updates: The excerpt lists countries whose progress has been reviewed by the FATF since June 2023, along with their updated statements. It also notes that a few jurisdictions chose to defer reporting.
- Newly Identified Jurisdiction: Bulgaria has been newly identified as a jurisdiction with strategic deficiencies in its AML/CFT regime.
By FCCT Editorial Team
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