Money laundering watchdog FATF condemns Russia for Ukraine war; removes UAE from grey list

Global anti-money laundering watchdog, the Financial Action Task Force (FATF) on Friday (Feb 23rd) announced the latest additions to its increased monitoring list aka the grey list.

FATF grey list February 2024

The global body that leads global action to tackle money laundering, terrorist and proliferation financing, as per its latest update, has removed the United Arab Emirates, Barbados, Gibraltar, and Uganda from its grey list.

Congratulating the nations, the FATF said, "These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes."

"These countries will no longer be subject to the FATF’s increased monitoring process," it added.

It also announced fresh additions to its grey list. This year, Kenya and Namibia will be subject to increased monitoring from the FATF.

When the FATF places a jurisdiction under increased monitoring, "it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes."

Currently, there are 21 nations — Bulgaria, Burkina Faso, Cameroon, Croatia, Democratic Republic of Congo, Haiti, Jamaica, Kenya, Mali, Mozambique, Namibia, Nigeria, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Türkiye, Vietnam, and Yemen — are on the list.

FATF black list

The global money-laundering watchdog has not made any new additions to its "Jurisdictions subject to a call for action" aka its black list.

These countries or jurisdictions, as per the FATF website, have "serious strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing. These jurisdictions are subject to a call for action to protect the international financial system."

FATF condemns Russia

It also repeated its condemnation of Russia for its invasion of Ukraine two years ago. It said: "One year after the Russian Federation’s illegal, unprovoked and unjustified full-scale military invasion of Ukraine, the FATF reiterates its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of lives and malicious destruction caused by the Russia Federation’s ongoing brutal attack on Ukraine."

"The FATF acknowledges the United Nations General Assembly Resolution ES-11/1 which demands that the Russian Federation immediately, completely and unconditionally withdraw all of its military forces from the territory of Ukraine within its internationally recognised borders."

"The FATF continues to call upon all jurisdictions to remain vigilant of threats to the integrity, safety and security of the international financial system arising from the Russian Federation’s war against Ukraine," it added.

(With inputs from agencies)