The Financial Action Task Force (FATF), the global authority on Money Laundering and Terrorism Financing, has updated its list of jurisdictions under increased monitoring.
In this update, Senegal has been removed from the FATF Grey List as of October 2024, reflecting significant progress in its Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) measures.
Conversely, Angola, Algeria, Côte d’Ivoire, and Lebanon have been added to the Grey List. These countries now must address the strategic deficiencies in their regulatory frameworks aimed at combating Money Laundering, Terrorism Financing, and Proliferation Financing activities.
Meanwhile, other countries remain on the list, indicating ongoing opportunities for improvement.
As a result of these changes, regulated entities are required to reassess their internal policies, procedures, and controls to ensure proper customer due diligence measures are implemented when dealing with clients from or closely associated with the newly added jurisdictions.
Changes in the FATF Grey List:
- Removed: Senegal
- Added: Algeria, Angola, Côte d’Ivoire, Lebanon