Thrice a year, the Financial Action Task Force (FATF) publishes two public documents identifying jurisdictions with weak AML/CFT frameworks. Sixty of the 80 jurisdictions that the FATF identified as having weak AML/CFT systems in 2020 have addressed their weaknesses and therefore been removed from the process.
The countries that the FATF identifies as high-risk (externally called the black list) must implement enhanced due diligence procedures and, at times, the necessary measures to protect the international financial system from the ML/TF risks they are responsible for. Along with this ‘black list’, the FATF identifies countries that are working to address strategic AML/CFT deficiencies in their frameworks. When a country commits to resolve its strategic AML/CFT deficiencies promptly, the FATF places it under increased monitoring (grey list).
The Bahamas, which had been grey-listed by the FATF, has made significant progress in improving its AML/CFT framework. It has addressed all the technical deficiencies as per its commitments in its action plan. It has also addressed the strategic deficiencies that the FATF had identified in 2018. Thus, the FATF has now removed The Bahamas from its grey list, or the list of Jurisdictions under Increased Monitoring.
Source: FATF