The Financial Action Task Force (FATF) recently added Algeria, Ivory Coast, Angola, and Lebanon to its ‘grey list.’
The Financial Action Task Force (FATF) announced on Friday, October 25, the addition of Algeria, Angola, Ivory Coast, and Lebanon to its ‘grey list.’ Meanwhile, Senegal has been removed from this list which identifies countries actively working with the FATF to address strategic deficiencies in their regimes for combating money laundering and terrorist financing.
“Obviously, we are aware of the extremely grave situation Lebanon is currently facing,” remarked Mexican FATF President Elisa de Anda Madrazo, “and I would like to clarify that Lebanon’s status on the grey list should not hinder relief efforts concerning them.”
The president also emphasized that “the process of being listed is not punitive.” She explained, “Rather, it is intended to guide countries towards improvement. All these countries have actively collaborated with their respective regional bodies and the FATF to develop an action plan.”
Senegal’s Removal from the Grey List, a Boon
Following an FATF visit in August, Senegal was removed from the ‘enhanced monitoring list.’ The president confirmed that “substantial measures have been taken to address the points of its action plan,” particularly by enhancing its capacity to investigate and prosecute money laundering cases related to corruption.
Senegal’s removal from the FATF’s grey list is expected to boost investor confidence in the country and enhance its attractiveness.
It’s worth noting that no country was added to the FATF’s ‘black list’ during this session, which currently includes Iran, North Korea, and Myanmar.
This was the first plenary meeting of the group under the presidency of Elisa de Anda Madrazo. Delegates representing over 200 members of the global network and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, Interpol, and the Egmont Group of Financial Intelligence Units, attended the meetings.
The Cayman Islands and Senegal were invited to participate in FATF’s plenary sessions and working groups as guests, “a significant step forward in FATF’s priority to increase inclusivity and broaden the diversity of perspectives within its operations,” according to their statement.
