The Latest African States to be Grey-listed

Algeria, Angola and Côte d’Ivoire were added to the Financial Action Task Force’s “grey list” after falling short in their financial regulatory and legal regimes, while Senegal was removed from the list after making improvements. According to the FATF, the limitations found for the three countries included insufficient risk-based supervision and lacking transparency in beneficial ownership information. The FATF, an intergovernmental organisation, sets international standards for anti-money laundering; countering the financing of terrorism; and countering the financing of proliferation of weapons of mass destruction. The “grey list” identifies countries that are actively working with the FATF to address strategic deficiencies in those areas.

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