Senegal Removed from the FATF Grey List in October 2024: Angola, Algeria, Lebanon and Côte d’Ivoire Added

On 25th October, 2024, the Financial Action Task Force (FATF), the global watchdog on money laundering, terrorism financing, and proliferation financing, updated its “Grey List,” a category that includes Jurisdictions under Increased Monitoring due to strategic deficiencies in their Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter Proliferation Financing (CPF) regulatory regimes. 

In its latest review, FATF removed Senegal from the Grey List in acknowledgement of the progress the country has made in strengthening its AML/CFT/CPF regimes.  

At the same time, Angola, Algeria, Côte d’Ivoire and Lebanon have been added to the Grey List. These countries are expected to work with the FATF to strengthen their AML/CFT/CPF regulatory regimes. This update comes after the FATF revised its criteria for putting countries on its Grey List.  

The modification to the Grey List requires the regulated entities to amend their internal AML policies and procedures to ensure that adequate Customer Due Diligence measures are applied, adopting a risk-based approach while transacting with customers from or closely associated with the newly updated “FATF-defined Jurisdictions Subject to Increased Monitoring” list.