Miscellaneous

Why is Sri Lanka in GREY FATF?

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Why is Sri Lanka in GREY FATF?

After several discussions and progress reports, the FATF indicated that Sri Lanka has not made sufficient progress in 4 areas namely, International Co-operation, Supervision, Legal Persons and Arrangements and Targeted Financial Sanctions on Proliferations (North Korea and Iran).

Which country was removed from the FATF GREY list?

Mauritius
Mauritius has been taken off the grey list by the Financial Action Task Force (FATF), an inter-governmental body that sets anti-money laundering standards, while acknowledging the progress the island nation had made in its fight against money laundering and terrorist financing (AML/CFT) in the past few months.

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Is Sri Lanka a FATF country?

Sri Lanka is therefore no longer subject to the FATF’s monitoring process under its ongoing global AML/CFT compliance process. According to the Evaluation, Sri Lanka was deemed Compliant for 7 and Largely Compliant for 25 of the FATF 40 Recommendations.

What is the role of the Financial Action Task Force?

The Financial Action Task Force (FATF) is an inter-governmental policymaking body whose purpose is to establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.

Why Mauritius is in GREY list?

Countries are placed in the grey list for increased monitoring to counter money laundering and funding of terrorist activities and to address strategic gaps in their systems.

Is Sri Lanka on FATF’s grey list?

The Financial Action Task Force (FATF), the global policy setter on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has delisted Sri Lanka from FATF’s Compliance Document which is more commonly identified as “the Grey List”. The decision was taken at the FATF Plenary held during 13-18 October 2019 in Paris.

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Is Sri Lanka’s AML/CFT regime effective?

The FATF welcomes Sri Lanka’s significant progress in improving its AML/CFT regime and notes that Sri Lanka has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in November 2017.

What did FATF say at the Paris plenary?

The FATF, whose five-day plenary concluded in Paris on Friday, said Sri Lanka made significant progress in addressing the strategic AML/CFT deficiencies identified earlier, the daily said.

When did the review team visit Sri Lanka?

The review team visited Sri Lanka during 16-17 September 2019 to assess the progress of implementation.

https://www.youtube.com/watch?v=jsWjgm2jnCo