What is FATF GREY list and blacklist?

The FATF revises the blacklist regularly, adding or deleting entries. b. Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.

Which country is blacklisted by FATF?

According to the FATF blacklist consequences, there are currently two countries: North Korea and Iran.

What does FATF blacklist means?

The Financial Action Task Force (FATF) blacklist (sometimes referred to as the OECD blacklist) is a list of countries that the intragovernmental organization considers non-cooperative in the global effort to combat money laundering and the financing of terrorism.

Who is in the black list of FATF?

As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran. The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows.

How many countries are in FATF blacklist?

As of 2020, there are only two countries on the FATF blacklist: North Korea and Iran.

Is Turkey in GREY list?

On 21 November 2021, Turkey was placed on the so-called “grey list” by the Financial Action Task Force (FATF) alongside Mali und Jordan because its anti-money laundering and counter-terrorist financing (AML/CFT) measures were assessed as insufficient.

What is GREY list countries?

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”.

Is Pakistan still on GREY list?

Pakistan is likely to remain on the grey list of global money laundering and terrorist financing watchdog FATF until June for failing to meet some of the targets under the additional criteria, according to a media report on Friday.

How many countries are there in FATF blacklist?

What are consequences of FATF GREY list?

The International Monetary Fund (IMF) has confirmed in a study that a listing on the FATF’s grey list has a large and significant negative effect on a listed country’s capital inflows: incoming capital flows – both foreign investment and bank transfers – decreased by an average of 7.6 per cent of gross domestic product …

What does grey list country mean?

The FATF grey list is the agency’s official list of countries and jurisdictions that are identified as having strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

Is Turkey on FATF GREY list?

The Financial Action Task Force (“FATF”) has placed Turkey onto its list of countries subject… The Financial Action Task Force (“FATF”) has placed Turkey onto its list of countries subject to increased monitoring, the so-called “grey list”.