The Financial Action Task Force (FATF), a global authority on issues related to Money Laundering, Terrorism Financing, and Proliferation Financing, has released its latest updates following the October 2024 Plenary. Notably, Senegal has been removed from the ‘Grey List,’ reflecting the country’s significant advancements in its Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Frameworks.
However, the plenary also saw the addition of Algeria, Angola, Côte d’Ivoire, and Lebanon to the ‘Grey List.’ These nations are now required to collaborate with the FATF to address deficiencies in their regulatory measures aimed at combating Money Laundering and Financing Terrorism.
As a result of these changes, regulated entities must adjust their internal Anti-Money Laundering Policies and Procedures. This includes implementing thorough Customer Due Diligence measures for clients from or closely linked to these newly designated jurisdictions, all while employing a risk-based approach.