Nicaragua Removed From Gray List


Nicaragua, Albania, Cambodia, Kuwait, Namibia, Pakistan, and Zimbabwe have been removed from the Financial Actions Task Force’s gray list, according to a press release from the FATF. In it’s decision in regard to Nicaragua, the FATF cited the country’s legal and regulatory framework that has developed to meet its commitments regarding strategic deficiencies identified in June 2011

The decision to remove the seven countries was announced during FATF meetings in Paris. The FATF also moved Indonesia to the “improving” list, citing progress made on meeting FATF standards in that country, and called out Uganda for failing to meet FATF standards.

Gray list countries are those that are in noncompliance with the FATF’s anti-money-laundering and counter-terrorist-financing standards. The FATF was formed in 1989 on the initiative of the G7 countries with the purpose of combating international money laundering and terrorist financing. It has since expanded to include 36 member countries.

Being of the FATF gray list can cause problems for countries, restricting gray country financial institutions in how they can relate with the international financial system.

Countries that remain on the FATF gray list include Afghanistan, Angola, Guyana, Laos, Panama, Sudan, Indonesia, Papua New Guinea, Syria, Uganda, Yemen, and Iraq. The FATF blacklist, on which the FATF calls on member countries to impose countermeasures, includes Iran and North Korea. Ecuador, Algeria, and Myanmar are countries on the blacklist that the FATF does not call for countermeasures against.


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