The Financial Action Task Force (FATF) has issued its list of jurisdictions that are under increased monitoring – a list that is also known as the ‘grey list’. Grey-listed jurisdictions are actively working with the FATF to swiftly resolve the strategic AML/CFT deficiencies in their regions in given time-frames.
The FATF will closely monitor the progress of the grey-listed jurisdictions, without applying enhanced due diligence measures to them. Moreover, the FATF has given jurisdictions the flexibility to voluntarily determine their reporting deadlines on account of the COVID-19 pandemic.
The FATF has found that the following jurisdictions still have strategic deficiencies that they must strive to address: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, the Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, Yemen. Note that in the case of Syria, the FATF has been unable to conduct an on-site visit due to security concerns. Thus, the authority will keep monitoring the situation in Syria to schedule an on-site visit as soon as possible.
On the other hand, Botswana and Mauritius are two jurisdictions that are no longer subject to increased monitoring by the FATF. The FATF has acknowledged and appreciated the significant progress that these jurisdictions have demonstrated in the improvement of their AML/CFT frameworks.
Source: Financial Action Task Force