Live FATF Grey List February 2025 Update: Philippines Removed, Laos and Nepal Added
- February 21, 2025
- 4 Mins Read
Live FATF Grey List February 2025 Update: Philippines Removed, Laos and Nepal Added
The Financial Action Task Force (FATF) just concluded its plenary session, and here are some of the major changes to note:
The Philippines has been dropped from the Grey List in the persuasion of a forward trend in Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) controls adopted by it.
While Laos and Nepal have been added to the list, requiring them to address the strategic deficiencies in their regulatory regime to counter Money Laundering, Terrorism Financing, and Proliferation Financing (ML, TF, and PF) activities.
However, the remaining countries have been retained in the list, signalling the scope for improvement.
AML Australia’s Take on the Impact of FATF Update on Reporting Entities
Reporting entities in Australia, like financial institutions, bullion dealers, and tranche 2 entities need to stay updated with the changes in the FATF Grey List. Here’s why:
This update requires the reporting entities to reconsider their AML Program, i.e., their ML/TF Risk Assessment and Internal Policies, Procedures, Systems, and Controls to ensure that adequate Customer Due Diligence measures are applied while engaging with customers originating from or closely associated with the countries newly added to the FATF Grey List.
Changes in the FATF Grey List in February 2025
Countries Removed from FATF’s Grey List (Jurisdictions under Increased Monitoring):
- Philippines
Countries Added to FATF’s Grey List (Jurisdictions under Increased Monitoring):
- Laos
- Nepal
FATF Grey List as of 21st February 2025
- Algeria
- Angola
- Bulgaria
- Burkina Faso
- Cameroon
- Côte d’Ivoire
- Croatia
- Democratic Republic of Congo
- Haiti
- Kenya
- Laos
- Lebanon
- Mali
- Monaco
- Mozambique
- Namibia
- Nepal
- Nigeria
- South Africa
- South Sudan
- Syria
- Tanzania
- Venezuela
- Vietnam
- Yemen