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Sri Lanka has been removed from ‘Grey List’ of Financial Action Task Force (FATF)

Sri Lanka has been removed from ‘Grey List’ of Financial Action Task Force (FATF)

Sri Lanka has been removed from the ‘Grey List’ of Financial Action Task Force (FATF). The country has taken new measures on financial security. 

Key Points:

  • The word ‘Grey List’ identified by FATF refers to a jurisdiction with strategic Anti-Money Laundering and Countering the Financing of Terrorism deficiencies.
  • Sri Lanka was first included in FATF’s blacklist in 2011, and by 2012 it was listed in the list as a dangerous country with no commitment to the financial security plan.
  • Later in October 2016, the FATF subjected Sri Lanka to a review of FATF’s International Cooperation Review Group (ICRG) for assessing the progress of AML/CFT effectiveness in the country.
  • The announcement regarding the removal of Sri Lanka’s name from the list of countries at risk for money laundering which was made by Sri Lankan Minister of Finance Mangala Samaraweera, after a 5-day FATF plenary concluded in Paris, France. 

FATF: 

  • Is a Paris (France) based inter-governmental organisation established in 1989.
  • It is the international terror financing watchdog that combats terrorist financing, money laundering as well as other related threats to the integrity of international financial system.

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