Senegal Removed from the FATF Grey List in October 2024; Angola, Algeria, Lebanon, and Côte d’Ivoire Added
On October 25, 2024, the Financial Action Task Force (FATF), the global watchdog overseeing Money Laundering, Terrorism Financing, and Proliferation Financing, updated its “Grey List.” This list identifies jurisdictions under increased monitoring due to strategic deficiencies in their Anti-Money Laundering (AML), Counter-Terrorism Financing (CFT), and Counter-Proliferation Financing (CPF) regulatory frameworks.
In this update, Senegal has been removed from the Grey List, reflecting the significant advancements the country has made in enhancing its AML/CFT/CPF measures.
In contrast, Angola, Algeria, Côte d’Ivoire, and Lebanon have been added to the Grey List, indicating that these nations must work with the FATF to improve their regulatory systems. This update follows the FATF’s revised criteria for designating countries on its Grey List.
As a consequence of these changes, regulated entities are required to revise their internal AML policies and procedures to ensure effective customer due diligence measures are implemented. This should be done using a risk-based approach when dealing with clients from or closely linked to the newly added jurisdictions.
Changes in the FATF Grey List: 25th October 2024
- Removed from Grey List: Senegal
- Added to Grey List: Angola, Algeria, Côte d’Ivoire, Lebanon