FATF Updates Jurisdictions Under Grey List

By Kirsty Knight, Senior Compliance Manager & Operations Manager (AML Services)

On the 27th October 2023, FATF published an update to their Consolidated List. This list provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance in relation to anti-money laundering, terrorist, and proliferation financing.

They have removed the following countries from the “grey list” (meaning they will no longer be subject to enhanced monitoring): -

• Albania
• Cayman Islands
• Jordan
• Panama

However, they have also added Bulgaria to the “grey list” (meaning they will be subject to increased monitoring) making the full list: 

Further information on these changes can be found by accessing the following sites: 

Jurisdictions under Increased Monitoring - 27 October 2023 (fatf-gafi.org)

High-Risk Jurisdictions subject to a Call for Action - October 2023 (fatf-gafi.org)

Outcomes FATF Plenary, 25-27 October 2023 (fatf-gafi.org)

These changes should result in you considering your current jurisdictional risk assessments as part of your business, customer, and technology risk frameworks. This will inform your businesses overall risk appetite statement.

If you would like to address your AML Framework and implement changes to ensure regulatory compliance, please feel free to get in touch with us via the form on our Contacts page.