Sri Lanka removed from Grey List
- In October 2016, the FATF announced that Sri Lanka will be subjected to a review of the International Cooperation Review Group (ICRG) of the terror financing watchdog to assess the progress of AML/CFT effectiveness in the country.
- The Paris based organisation indicated Sri Lanka had not made sufficient progress in four parameters — international cooperation, supervision, legal persons and arrangements and targeted financial sanctions on proliferations (North Korea and Iran).
- At its meeting in Buenos Aires, Argentina in October 2017, the FATF listed Sri Lanka as a jurisdiction with strategic AML/CFT deficiencies which is more commonly identified as “Grey List” and provided a time-bound action plan.
- The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
- On 18 October 2019, the FATF retained Pakistan on its “Grey List” and warned it of getting blacklisted, if it does not control terror funding by February next year.