FATF Grey List 2023:- The countries that are giving shelter to terrorists and criminals, dealing in illegal drugs, human trafficking and supporting terror funding and money laundering activities are put in FATF grey list of Financial Action Task Force. Pakistan and Nicaragua has been removed from FATF grey List and these countries are no longer subject to increased monitoring by the FATF. Myanmar is included in FATF black list as it failed to complete its action plan by October 2022.
The Financial Action Task Force (FATF) is inter-governmental organization which was established in 1989 by a group of G-7 Summit in Paris (France). The main motive of FATF is to guard and monitor the illegal activities like money laundering, terrorist financing, and proliferation financing activities. The Financial Action Task Force has set some FAFT recommendations and standards to prevent and stop organized crime like corruption, terrorism, human trafficking, funding of weapons for mass destruction etc.
|Organization Name||Financial Action Task Force (FATF)|
|Motive||Combat money laundering, terrorist financing, and proliferation financing activities.|
|President||T. Raja Kumar (Singapore)|
|Vice - President||Elisa de Anda Madrazo (Mexico)|
|Executive Secretary||Violaine Clerc|
|Deputy Executive Secretary||Vincent Schmoll|
FATF Grey List 2023 Countries
As on 22 October, there were total 20 countries in the FATF grey list. The countries that are giving shelter to terrorists and criminals dealing in illegal drugs, human trafficking and supporting terror funding and money laundering activities are kept in grey list of FATF. The inclusion in grey list serves as a warning to the country that it may enter the black list of Financial Action Task Force.
The Pakistan first entered the grey list in 2008, then from 2012 to 2015. Pakistan has been in the FATF grey list since June 2018. Now Pakistan has been removed and no longer subject to increased monitoring by the FATF.
The FATF grey List includes Syria, Jamaica, Jordan, South Sudan, many other countries. These countries are subjected to increased Jurisdictions with strategic deficiencies by FATF. The Complete List of Countries in FATF grey List is given below.
- Burkina Faso
- Cayman Islands
- South Sudan
- United Arab Emirates
FATF Black List 2023
The FATF Blacklist was issued by the Financial Action Task Force organization in 2000 and the countries which FATF judges to be non-cooperative in the global fight against money laundering and terrorist financing, are put in this list. The countries which are at high-risk Jurisdiction and non-cooperative countries or territories (NCCTs) are put in the Black List. Currently three countries are in FATF Black List.
- North Korea
To get out of the FATF grey list, a country has to fulfill the tasks recommended by the Financial Action Task Force, for instance, confiscating properties of individuals associated with terrorist groups. If the FATF is satisfied with the progress, it removes the country from the FATF grey list. The FATF most recently took Zimbabwe, and before that Botswana and Mauritius, off the FATF grey list.
List of FATF Member Countries
The FATF has almost 40 member countries and 20 observer organization, it includes regional anti-money laundering bodies (FSRBs), the United Nations, the Egmont Group of Financial Intelligence Units, the International Monetary Fund and many other international organizations. FATF Member Countries list is given below.
|Australia||Republic of Korea|
|Canada||Kingdom of Netherlands|
|Gulf Co-operation Council||Spain|
|Hong Kong, China||Sweden|
|Italy||Indonesia (FATF Observer)|
List of FATF Observer Organization
- African Development Bank
- Anti-Money Laundering Liaison Committee of the Franc Zone
- Asian Development Bank
- Basel Committee on Banking Supervision (BCBS)
- Camden Asset Recovery Inter-agency Network (CARIN)
- Egmont Group of Financial Intelligence Units
- European Bank for Reconstruction and Development (EBRD)
- European Central Bank (ECB)
- Group of International Finance Centre Supervisors (GIFCS)
- Inter-American Development Bank (IDB)
- International Association of Insurance Supervisors (IAIS)
- International Monetary Fund (IMF)
- International Organization of Securities Commissions (IOSCO)
- Organization of American States / Inter-American Committee Against Terrorism (OAS/CICTE)
- Organization of American States / Inter-American Drug Abuse Control Commission (OAS/CICAD)
- Organization for Economic Co-operation and Development (OECD)
- Organization for Security and Co-operation in Europe (OSCE)
- United Nations
- United Nations Office on Drugs and Crime (UNODC)
- United Nations Counter-Terrorism Committee Executive Directorate (UNCTED)
- The Expert Group to the Security Council Committee
- The Analytical Support and Sanctions Monitoring Team
- Security Council Subsidiary Organs Branch
- Panel of Experts to the Security Council Committee
- World Bank
- World Customs Organization
G7 Countries List of World’s Advanced Economics