Quick Answer: What Countries Are Blacklisted?

What is a GREY list?

A gray list is a list of stocks that are ineligible for trade by an investment bank’s risk arbitrage division.

Securities on the gray list aren’t necessarily exceptionally risky or otherwise inherently flawed, but are nonetheless restricted..

Which country has the most money laundering?

Top 10 countries with the highest AML risk are Afghanistan (8.16), Haiti (8.15), Myanmar (7.86), Laos (7.82), Mozambique (7.82), Cayman Islands (7.64), Sierra Leone (7.51), Senegal (7.30), Kenya (7.18), Yemen (7.12).

What happens when a country is blacklisted by FATF?

FATF grey lists a country which it considers as a safe haven for terror funding and money laundering. … It is a warning to the country to tackle the issues. If the country is not actively tackling money laundering or terror funding, it is then blacklisted.

Is Pakistan a member of FATF?

FATF is an inter-governmental organisation that was established in 1989 and comprises 35 member states, the European Commission and the Gulf Cooperation Council. … Pakistan is not a member state of FATF: instead, it is a FATF Associate Member of the Asia/Pacific Group on Money Laundering (APG).

Who is a money launderer?

Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. The processes by which criminally derived property may be laundered are extensive.

What will happen if Pakistan is blacklisted by FATF?

ISLAMABAD: Pakistan’s Prime Minister Imran Khan has warned that if Pakistan is blacklisted at the FATF or Financial Action Task Force then Pakistan’s economy will be destroyed due to inflation and a massive fall in Pakistani Rupee. … Once we are on the blacklist, our entire economy will be destroyed due to inflation.”

Which countries are in black list of FATF?

As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran….High-risk and non-cooperative countries, not committed to an action plan:Bolivia.Cuba.Ethiopia.Ghana.Indonesia.Kenya.Myanmar.Nigeria.More items…

Is USA a FATF country?

Member of the FATF since 1990.

What are the 4 stages of money laundering?

The process of laundering money typically involves three steps: placement, layering, and integration. Placement puts the “dirty money” into the legitimate financial system.

Why Iceland is in FATF GREY list?

At its Annual General Meeting the International Financial Action Task Force on Anti-Money Laundering and Terrorist Financing (FATF) has today decided that Iceland will be removed from the list of countries with inadequate protection against money laundering and terrorist financing, commonly referred to as the ‘grey …

Is China a FATF country?

Member of the FATF since 2007. Member of the Eurasian Group (EAG). Member of the Asia/Pacific Group on Money Laundering (APG)

Who put Pakistan in GREY list?

FATFThe FATF placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019, but the deadline was extended later on due to Covid-19 pandemic.

What is GREY list and blacklist?

Black List: Countries knowns as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. … The FATF revises the blacklist regularly, adding or deleting entries. b. Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list.

Is Pakistan in GREY list?

The FATF had placed Pakistan on the grey list in June 2018 and asked Islamabad to implement a plan of action to curb money laundering and terror financing by the end of 2019, but the deadline was extended later on due to the coronavirus pandemic.

What is FATF GREY list?

under increased monitoringWhen the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the ‘grey list’.

How many FATF are there?

39 membersThere are currently 39 members of the FATF; 37 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). These 39 Members are at the core of global efforts to combat money laundering and terrorist financing.

Why do people launder money?

Money laundering is the process of disguising the proceeds of crime and integrating it into the legitimate financial system. Before proceeds of crime are laundered, it is problematic for criminals to use the illicit money because they cannot explain where it came from and it is easier to trace it back to the crime.