Financial Action Task Force blacklist

According to its official website, there are 39 members of FATF, representing most financial centers around the world.[10] The list consisted of the following countries:[11]

There is currently one FATF observer.[12]

The initial list of fifteen countries regarded as uncooperative in the fight against money laundering, was published in June 2000.[14] The list consisted of the following countries:[14]

The second FATF report, published in 2001 and including a supplemental report in September, denoted a further eight countries as non-cooperative:

According to June 2002 report from FATF, following countries were listed as NCCTs.[15]

According to June 2003 report from FATF, the following countries were listed as NCCTs.[16]

According to July 2005 report form FATF, the following countries were listed as NCCTs.[17]

According to June 2005 report from FATF, the following were listed as NCCTs.[18]

The seventh list, published in June 2006,[19] listed only the following country as non-cooperative:

FATF's Eighth NCCT Review (Annual Review of Non-Cooperative Countries and Territories 2006–2007, dated 12 October 2007) listed no countries as non-cooperative.[20] Myanmar (formerly Burma) was removed on 13 October 2006, Nauru on 13 October 2005 and Nigeria on 23 June 2006.[20]

FATF's Ninth Review identified the following countries as high risk and non-cooperative.[21]

FATF issued a "public statement" on 25 February 2009 noting concerns and encouraging greater compliance by the following countries:[22]

The following country has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the FATF to address the deficiencies.[23]

The following countries have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies.[24]

A total of 17 countries were labeled as high-risk and non-cooperative jurisdictions by FATF. All listed countries below are defined as such; counter-measures were in force only for Iran and the Democratic People's Republic of Korea (DPRK, North Korea).[25]

High-risk and non-cooperative countries, to whom counter-measures applied:

High-risk and non-cooperative countries, not committed to an action plan:

A total of 14 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.[26]

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the ongoing and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions.

Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan.

A total of 13 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.[27]

Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan.

A total of 11 countries were identified as jurisdictions with strategic deficiencies posing a risk to the international financial system.[28]

Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan.

A total of 6 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.[29]

Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan.

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdictions.[30]

Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below.

The FATF statement issued on 23 October 2015 identified three high-risk and non-cooperative jurisdictions:[31]

Call to apply counter-measures:

Jurisdictions with strategic deficiencies:

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdictions.,[32]

Regarding with North Korea, the FATF released the following concern:

"The terrorism (AML/CFT) regime and the serious threat this poses to the integrity of the international financial system. The FATF urges the DPRK to immediately and meaningfully address its AML/CFT deficiencies. Further, FATF has serious concerns with the threat posed by DPRK's illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing."[33]

As of 21 October 2022, the following countries were on this list:[34]

As of June 2023, the following 25 countries/territories were on this list:[35][36]

The FATF Plenary, the making body, meets three times a year around February, June and October.[39][40] The last review meeting took place between 20 and 25 June 2021 in Paris.[41]

• In June 2021, the FATF stated that Mauritius and Botswana completed their action plans and will be subject to on-site visits before being removed from the list in October 2021.
• Ghana was officially delisted from the grey list following the completion of its action plan and a successful on-site visit by assessors.
• New jurisdictions that have been added to the grey list include Haiti, Malta, the Philippines and South Sudan.[41][42][43]
• In March 2022, the United Arab Emirates was added to the grey list, while Zimbabwe was removed from the list.[44][45]
• In October 2022 Pakistan was removed from the grey list.[46]
• In February 2023 Morocco was removed from the grey list.[47]

implementation of the internationally agreed tax standard as of 2011

  substantially implemented the standard

  committed to the standard, but have not yet substantially implemented it

  have not committed to the standard (none)

  jurisdiction not monitored

Although its main focus is on tax crime, OECD is also concerned with money laundering and has complemented the work carried out by the FATF.[48]

The OECD has maintained a 'blacklist' of countries it considers "uncooperative tax havens" in the drive for transparency of tax affairs and the effective exchange of information, officially called "The List of Uncooperative Tax Havens". Since May 2009, no countries were officially listed as uncooperative tax havens in the light of their commitments to implement the OECD standards.[49]

On 22 October 2008, at an OECD meeting in Paris, 17 countries led by France and Germany decided to draw up a new blacklist of tax havens. It had been asked to investigate around 40 new tax havens where undeclared revenue was hidden and which hosted many of the non-regulated hedge funds that came under fire during the financial crisis of 2007–08. Germany, France, and other countries called on the OECD to add Switzerland to a blacklist of countries which encourage tax fraud.[50] On 2 April 2009, the OECD published a list of countries, divided into three parts depending on whether they implemented an "internationally agreed tax standard", in select jurisdictions – tax havens or other financial centers of interest.[51]

• substantially implemented the standard: Andorra, Anguilla, Antigua and Barbuda, Argentina, Aruba, Australia, Austria, Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil, British Virgin Islands, Brunei, Canada, Cayman Islands,[52] Chile, China, Cook Islands, Costa Rica, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Finland, France, Germany, Gibraltar, Greece, Grenada, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, South Korea, Liberia, Liechtenstein, Luxembourg, Macao, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Monaco, Montserrat, Netherlands, Netherlands Antilles, New Zealand, Norway, Pakistan, Panama, Philippines, Poland, Portugal, Qatar, Russia, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Samoa, San Marino, Seychelles, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, Turks and Caicos Islands, United Arab Emirates, United Kingdom, United States, US Virgin Islands, Vanuatu. This is not a complete list, as many countries, including Lebanon, Nigeria and many more are not included in this list.
• committed to the standard, but have not yet substantially implemented it: Nauru, Niue, Guatemala, Uruguay
• have not committed to the standard: none as of October 2009.[53]

The Global Forum on Transparency and Exchange of Information for Tax Purposes reviews and issues reports on compliance of its member tax jurisdictions. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2).

Nations such as Bahrain, Qatar, Egypt, Saudi Arabia, and the UAE have been also been regularly accused of doing very little to prevent the flow of funds for terror financing in other nations. Bahrain accepts Muslim Brotherhood affiliate Minbar as a legitimate political player. Qatar directly interacts with militants by financing the "United States designated terrorist organisation" Hamas and by allowing several "designated terrorist" units of the Taliban to maintain their offices in Qatar. However, reported by FATF published on June 13^th 2023, claimed that Qatar’s ‘Anti-Money Laundering and Counter Financing of Terrorism’ regime showcases the efficacy of the government-wide effort to address ML/TF risks and to implement an effective targeted financial sanctions (TFS) regime. As published in the article by Lexology, the intelligent global legal research platform from United Kingdom. The FATF’s 276-page report on Qatar included facts like updated comprehensive AML/CFT law (Law 20 of 2019) provides law enforcement with important tools and improves inter agency coordination in Qatar; a well-regulated Qatar Financial Centre (QFC) which conducts robust, risk-based supervision with an accomplished AML/CFT supervisory team at the QFC Regulatory Authority (“QFCRA”); and TFS regime established by Law 27 of 2019 on Combating Terrorism in the nation. Qatar was also given FATF’s highest rating in 32 of the 40 technical compliance areas, and was rated substantially effective in 10 of the 11 effectiveness categories covered by the FATF MER. “Qatar has all of the key structural elements required for an effective AML/CFT system including political and institutional stability, the rule of law, a professional and independent prosecution and judiciary and a high-level political commitment to AML/CFT.” claimed the report.[54]

Saudi Arabia also collaborates with the Muslim Brotherhood affiliate al-Islah in Yemen. Saudi Arabia and the UAE are pointed out as 'hypocrites', as they too face accusations of not doing enough to stop terror financing, and both nations have links to terrorist organisations in Western Asia.[55] In March 2022, the Financial Action Task Force (FATF) listed the UAE on a list of jurisdictions subject to increased monitoring, known as its 'grey' list, as the country has been considered non-cooperative in the global fight against money laundering and terror financing.[56][57]