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FATF grey list updates

Posted on 29 July 2024

The Financial Action Task Force (FATF)  "grey list" has been updated to remove Turkey and Jamaica but now adds Monaco and Venezuela. The continued suspension of the Russian Federation from FATF membership remains as anticipated.

Countries on the grey list, while engaging with the FATF to address their respective issues, are identified as having strategic shortcomings in their anti-money laundering and counter-terrorist financing frameworks. Monaco, in particular, has been highlighted for its deficiencies in managing funds potentially connected to tax offences both domestically and abroad, as well as for its sluggishness in tracing criminal assets across borders.

Looking forward the FATF has finalised its assessment of the safeguards in place to prevent gatekeepers – including accountants, solicitors, estate agents, and trust and company service providers – from being exploited for money laundering and terrorist financing purposes. The findings of this review are scheduled for publication in July.

Source: FATF

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