By PAUL O’DONOGHUE, Senior Correspondent
THE Philippines has been removed from the FATF ‘grey list’, while both Laos and Nepal have been added, in the latest update from the organization.
The result will also likely come as a disappointment for South Africa, which was pushing to have the designation removed.
In an update following its latest plenary, the FATF (Financial Action Task Force) said: “The FATF removed the Philippines from its increased monitoring following a successful on-site visit.
“The FATF added Lao People’s Democratic Republic and Nepal to the list of
jurisdictions subject to increased monitoring.”
The organization also said its suspension of Russia’s membership, following the country’s invasion of Ukraine, continues to stand.
The FATF is the Paris-based body which essentially sets international AML standards. Its ‘grey list’ marks jurisdictions which are under increased monitoring due to issues with their AML rules.
Countries which are on the grey list often face financial issues as a result, such as reduced international investment and borrowing becoming more expensive.
The FATF’s decision-making body, the FATF Plenary, meets three times per year. It discusses key AML developments, as well as updates to its ‘Black’ and ‘Grey’ lists, which mark jurisdictions that have issues with their AML frameworks.
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