Halti , Malta , Philippines , South Sudan put In FATF ‘increased monitoring’ list

Halti , Malta , Philippines , South Sudan put In FATF ‘increased monitoring’ list

Subject : International Organisations

Context : Financial Action Task Force (FATF) has added four more countries — Haiti, Malta, the Philippines and South Sudan — to the list of ‘jurisdiction under increased monitoring’ for strategic deficiencies.

Concept :

Lists under FATF:

• Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list (or ‘Jurisdictions under increased monitoring’).
• This inclusion serves as a warning to the country that it may enter the blacklist.
• Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. These countries support terror funding and money laundering activities.
• The FATF revises the blacklist regularly, adding or deleting entries. As of this year, there are only two countries on the FATF’s black list – North Korea and Iran.