Countries that are still on the FATF gray list in 2022: the FATF GRAY listing is prepared by the Financial Action Task Force (FATF), an intergovernmental body created to combat money laundering. It was created in July 1989 by the G7 summit at Arche de la Défense in France as part of the group’s efforts to combat drug trafficking. The working group was convened by the G-7 member states, the European Commission and eight other countries.
The economic statement of this G-7 summit states that the task force is convened “to assess the results of the cooperation already undertaken to prevent the use of the banking system and financial institutions for money laundering purposes. , and to consider other preventive efforts in this area, including the adaptation of legal and regulatory systems to strengthen multilateral mutual legal assistance”.
What is the FATF Gray List?
The FATF Gray List is the agency’s official list of countries and jurisdictions that are identified as having strategic gaps in their regimes to combat money laundering, terrorist financing and proliferation financing. Unlike those on the blacklist, countries on the FATF gray list are actively working with the FATF to address strategic deficiencies in their regimes. “When the FATF places a jurisdiction under heightened scrutiny, it signifies that the country is committed to promptly addressing the identified strategic deficiencies within agreed timeframes and is subject to heightened scrutiny,” the FATF states.
These countries are mandated to report periodically on progress in addressing identified strategic gaps, while the FATF closely monitors the progress of their agreed action plans promptly and on time. “The FATF does not call for the application of enhanced due diligence to these jurisdictions but encourages its members to take into account the information presented below in their risk analysis.”
List of countries on the FATF gray list (October 2022)
Although the gray list is not as severe as the black list, where countries are subject to severe economic sanctions, it creates a negative impact on the economy of the listed country.
Their international transactions are closely monitored and scrutinized. Some countries may also terminate their economic relations with a country on the gray list.
- Albania
- Barbados
- Burkina Faso
- Cambodia
- Cayman Islands
- Gibraltar
- Haiti
- Jamaica
- Jordan
- mali
- Morocco
- Burma
- Nicaragua
- Panama
- Philippines
- Senegal
- south sudan
- Syria
- Turkey
- Uganda
- United Arab Emirates
- Yemen
