What is the meaning of GREY list in FATF?

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.

How many countries are in GREY list of FATF?

Twelve countries
Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

How many countries are in GREY FATF?

23 countries
There are now 23 countries in the FATF grey list, officially referred to as “jurisdictions with strategic deficiencies”.

What is the FATF 40?

What are the FATF’s 40 Recommendations about? The FATF’s 40 Recommendations are non-binding guidances that target specific areas in which money launderers, terrorists and other criminals conduct illicit financial behavior.

What is a FATF member country?

In Europe, Austria, Belgium, Denmark, Finland, Germany, France, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Portugal, Switzerland, Sweden, and the United Kingdom are included within FATF. The European Commission is a non-country entity in Europe that is also a member of the FATF.

What is the grey list of FATF?

Those countries which don’t support terror funding and money laundering are placed in the grey list. Hemant Singh. Pakistan has been included in the grey list of the Financial Action Task Force (FATF). The Financial Action Task Force (FATF) was established in July 1989 by a Group of Seven (G-7) countries in a Summit held in Paris.

What is the FATF Blacklist and how does it work?

The FATF blacklist or OECD blacklist has been issued by the Financial Action Task Force since 2000 and lists countries which it judges to be non-cooperative in the global fight against money laundering and terror funding. The FATF updates the blacklist regularly, adding or deleting entries.

What is FATF and how does it work?

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.

Which countries are on the FATF grey list for financing terrorism?

Financing of terrorism involves providing money or financial support to terrorists. As of 2019, FATF has blacklisted North Korea and Iran over terror financing. Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.