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

The global Money Laundering and Terrorist Financing (ML/TF) watchdog – The Financial Action Task Force (FATF), has released an updated list of jurisdictions under increased monitoring.  

As part of this update, Senegal is removed from the FATF Grey List published in October 2024, depicting a forward trend in Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) controls adopted by it. 

At the same time, Angola, Algeria, Côte d’Ivoire and Lebanon have been added to the list, requiring them to address the strategic deficiencies in their regulatory regime to counter ML/TF and Proliferation Financing (PF) activities: 

However, the remaining countries have been retained in the list, signalling the scope for improvements. 

This update requires the regulated entities to reconsider their Internal Policies, Procedures and Controls (IPPC) to ensure that adequate Customer Due Diligence measures are applied while engaging with customers from or closely associated with the countries newly added to the FATF Grey List.