Financial Action Task Force blacklist
Template:Short description Template:Use dmy dates
The Financial Action Task Force blacklist (often abbreviated to FATF blacklist, and officially known as the "Call for action"),[1] is a blacklist maintained by the Financial Action Task Force.[2][3]
The blacklist has been issued by the FATF since 2000, and lists countries which FATF judges to be non-cooperative in the global fight against money laundering and terrorist financing, calling them "Non-Cooperative Countries or Territories" (NCCTs).[4]
Although non-appearance on the blacklist was perceived to be a mark of approbation for offshore financial centres (or "tax havens") that are sufficiently well regulated to meet all of the FATF's criteria, in practice, the list included countries that did not operate as offshore financial centres. The FATF updates the blacklist regularly, adding or deleting entries.[4]
The FATF describes "High-risk jurisdictions subject to a Call for Action" as having "significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence. In the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country".[5] As of November 2022, only three countries were on the FATF blacklist: North Korea, Iran, and Myanmar.[6]
The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows. FATF incentivizes stricter regulations through its public noncomplier list, which leads financial institutions to shift resources and services away from the countries on the blacklist. This in turn motivates domestic economic and political actors in the listed countries to pressure their governments to introduce regulations that are compliant with the FATF.[7]
History
The FATF was established by the G7 summit that was held in Paris in July 1989. Founding stakeholders include the G-7 Heads of State or Government, the President of the European Commission and eight other countries.[8]
The term "non-cooperative" was criticized by some analysts as misleading, as a number of countries on the list simply lacked the infrastructure or resources to cope with relatively sophisticated financial criminals who tried to operate there.Script error: No such module "Unsubst". Since 2008 the FATF has, at the behest of G20 leaders, installed a more analytical process for identifying jurisdictions deficient in their anti-money laundering and anti-terrorist financing regimes.[4]
Primary works
One of the main objectives of the FATF is to establish norms and standards of "legal, regulatory and operational measures" to fight against money laundering, terrorist financing and other related threats to the security and integrity of the international financial system. However, FATF "has no investigative authority." FATF works with nation-states to bring legislative changes and regulatory reforms in the aforementioned sectors.[4] In addition, the FATF also provides policy recommendations that meet international standards to countries for combating money laundering and the financing of terrorism and the proliferation of weapons of mass destruction. FATF has been providing policy recommendations since 1990 and their recommendations have been revised four times since then. FATF also monitors the situations of its members in establishing adequate measures and institutions to fight against money laundering and terrorist financing. FATF also makes sure that it is aware of national-level vulnerabilities of its member states "with the aim of protecting the international financial system from misuse."[9]
FATF member nations
Full members
According to its official website, there are 39 members of FATF (earlier 40 members, Russia's membership was suspended in Feb 2023) and two Regional Organisations (European Union and Gulf Cooperation Council), representing most financial centers around the world.[10] The list consisted of the following countries:[11] Template:Div col
- Template:Country data Argentina
- Template:Country data Australia
- Template:Country data Austria
- Template:Country data Belgium
- Template:Country data Brazil
- Template:Country data Canada
- Template:Country data China
- Template:Country data Denmark
- Template:Country data EU
- Template:Country data Finland
- Template:Country data France
- Template:Country data Germany
- Template:Country data Greece
- Template:Country data Gulf Cooperation Council
- Template:Country data Hong Kong
- Template:Country data Iceland
- Template:Country data India
- Template:Country data Indonesia
- Template:Country data Ireland
- Template:Country data Israel
- Template:Country data Italy
- Template:Country data Japan
- Template:Country data Republic of Korea
- Template:Country data Luxembourg
- Template:Country data Malaysia
- Template:Country data Mexico
- Template:Country data Netherlands
- Template:Country data New Zealand
- Template:Country data Norway
- Template:Country data Portugal
- Template:Country data Russia
- Template:Country data Saudi Arabia
- Template:Country data Singapore
- Template:Country data South Africa
- Template:Country data Spain
- Template:Country data Sweden
- Template:Country data Switzerland
- Template:Country data Turkey
- Template:Country data United Kingdom
- Template:Country data United States
Observer nations
There are currently no FATF observer nations, but many financial institutions participate at that level.[12]
FATF Blacklisting reports
The Blacklist is a term used by the media, which is officially called a "Call for action" nations by the FATF.
June 2000 report
The initial list of fifteen countries regarded as uncooperative in the fight against money laundering, was published in June 2000.[13] The list consisted of the following countries:[13]
- Template:Country data Bahamas
- Template:Country data Cayman Islands
- Template:Country data Cook Islands
- Template:Country data Israel
- Template:Country data Lebanon
- Template:Country data Marshall Islands
- Template:Country data Nauru
- Template:Country data Niue
- Template:Country data Panama
- Template:Country data Philippines
- Template:Country data Russian Federation
- Template:Country data Saint Kitts and Nevis
- Template:Country data Saint Vincent and the Grenadines
June 2001 report
The second FATF report, published in 2001 and including a supplemental report in September, denoted a further eight countries as non-cooperative: Template:Div col
- Template:Country data Egypt
- Template:Country data Grenada
- Template:Country data Guatemala
- Template:Country data Hungary
- Template:Country data Indonesia
- Template:Country data Myanmar
- Template:Country data Nigeria
- Template:Country data Ukraine
June 2002 report
According to June 2002 report from FATF, following countries were listed as NCCTs.[14]
- Template:Country data Dominica
- Template:Country data Egypt
- Template:Country data Grenada
- Template:Country data Guatemala
- Template:Country data Indonesia
- Template:Country data Marshall Islands
- Template:Country data Myanmar
- Template:Country data Nauru
- Template:Country data Nigeria
- Template:Country data Niue
- Template:Country data Philippines
- Template:Country data St. Vincent and the Grenadines
- Template:Country data Ukraine
June 2003 report
According to a June 2003 report from FATF, the following countries were listed as NCCTs.[15]
- Template:Country data Cook Islands
- Template:Country data Egypt
- Template:Country data Guatemala
- Template:Country data Indonesia
- Template:Country data Myanmar
- Template:Country data Nauru
- Template:Country data Nigeria
- Template:Country data Philippines
- Template:Country data Ukraine
July 2004 report
According to the July 2004 report from FATF, the following countries were listed as NCCTs.[16]
- Template:Country data Cook Islands
- Template:Country data Indonesia
- Template:Country data Myanmar
- Template:Country data Nauru
- Template:Country data Nigeria
- Template:Country data Philippines
June 2005 Report
According to June 2005 report from FATF, the following were listed as NCCTs.[17]
June 2006 report
The seventh list, published in June 2006,[18] listed only the following country as non-cooperative:
June 2007 report
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.[19] Myanmar (formerly Burma) was removed on 13 October 2006, Nauru on 13 October 2005 and Nigeria on 23 June 2006.[19]
June 2008 report
FATF's Ninth Review identified the following countries as high risk and non-cooperative.[20] Template:Div col
- Template:Country data Uzbekistan
- Template:Country data Iran
- Template:Country data Pakistan
- Template:Country data Turkmenistan
- Template:Country data São Tomé and Príncipe
- Template:Country data Northern Cyprus
June 2009 statement
FATF issued a "public statement" on 25 February 2009 noting concerns and encouraging greater compliance by the following countries:[21]
- Template:Country data Turkmenistan
- Template:Country data Uzbekistan
- Template:Country data São Tomé and Príncipe
October 2010 Statement
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.[22]
October 2011 Statement
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.[23]
- Template:Country data Cuba
- Template:Country data Bolivia
- Template:Country data Ethiopia
- Template:Country data Kenya
- Template:Country data Myanmar
- Template:Country data Nigeria
- Template:Country data Sao Tome and Principe
- Template:Country data Sri Lanka
- Template:Country data Syria
- Template:Country data Turkey
February 2012 statement
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).[24]
High-risk and non-cooperative countries, to whom counter-measures applied: Template:Div col
High-risk and non-cooperative countries, not committed to an action plan:
- Template:Country data Bolivia
- Template:Country data Cuba
- Template:Country data Ethiopia
- Template:Country data Ghana
- Template:Country data Indonesia
- Template:Country data Kenya
- Template:Country data Myanmar
- Template:Country data Nigeria
- Template:Country data Israel
- Template:Country data São Tomé and Príncipe
- Template:Country data Sri Lanka
- Template:Country data Syria
- Template:Country data Tanzania
- Template:Country data Thailand
June 2013
A total of 14 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.[25]
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.
- Template:Country data Ecuador
- Template:Country data Ethiopia
- Template:Country data Indonesia
- Template:Country data Kenya
- Template:Country data Myanmar
- Template:Country data São Tomé and Príncipe
- Template:Country data Syria
- Template:Country data Tanzania
- Template:Country data Turkey
- Template:Country data Vietnam
- Template:Country data Yemen
October 2013 statement
A total of 13 countries were identified as jurisdictions that have strategic deficiencies that pose a risk to the international financial system.[26] Template:Div col
Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan.
- Template:Country data Algeria
- Template:Country data Ecuador
- Template:Country data Ethiopia
- Template:Country data Indonesia
- Template:Country data Kenya
- Template:Country data Myanmar
- Template:Country data Tanzania
- Template:Country data Turkey
- Template:Country data Yemen
February 2014
A total of 11 countries were identified as jurisdictions with strategic deficiencies posing 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.
- Template:Country data Algeria
- Template:Country data Ecuador
- Template:Country data Ethiopia
- Template:Country data Indonesia
- Template:Country data Myanmar
- Template:Country data Syria
- Template:Country data Israel
- Template:Country data Yemen
June 2014 statement
A total of 6 countries were identified as jurisdictions that have strategic deficiencies that pose 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.
- Template:Country data Algeria
- Template:Country data Ecuador
- Template:Country data Indonesia
- Template:Country data Myanmar
February 2015 statement
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/FT) risks emanating from the jurisdictions.[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 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.
October 2015 statement
The FATF statement issued on 23 October 2015 identified three high-risk and non-cooperative jurisdictions:[30]
Call to apply counter-measures: Template:Div col
Jurisdictions with strategic deficiencies: Template:Div col
February 2016 statement
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.,[31]
February 2017 Statement
Regarding 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."[32]
Current FATF lists
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Current FATF blacklist
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As of 13 June 2025, the following countries were on this list:[33] Template:Div col
Current FATF grey list
Script error: No such module "anchor". As of 13 June 2025, the following 25 countries/territories were on this list:[33]
- Template:Country data Algeria
- Template:Country data Angola
- Template:Country data Bolivia
- Template:Country data Bulgaria
- Template:Country data Burkina Faso
- Template:Country data Cameroon
- Template:Country data Côte d'Ivoire
- Template:Country data Democratic Republic of the Congo
- Template:Country data Haiti
- Template:Country data Kenya
- Template:Country data Laos
- Template:Country data Lebanon[34]
- Template:Country data Monaco[35]
- Template:Country data Mozambique
- Template:Country data Namibia
- Template:Country data Nepal
- Template:Country data Nigeria
- Template:Country data Senegal
- Template:Country data South Africa
- Template:Country data South Sudan
- Template:Country data Syria
- Template:Country data Venezuela[35]
- Template:Country data Vietnam[36]
- Template:Country data British Virgin Islands
- Template:Country data Yemen
FATF review meeting
The FATF Plenary, the making body, meets three times a year around February, June and October.[37][38]
- In June 2021, the FATF stated that Mauritius and Botswana completed their action plans and would be subject to on-site visits before being removed from the list in October 2021.
- In June 2021, Ghana was removed from the grey list following the completion of its action plan and a successful on-site visit by assessors.[39]
- In June 2021, Haiti, Malta, the Philippines and South Sudan have been added to the grey list.[40][41][42]
- In March 2022, the United Arab Emirates was added to the grey list, while Zimbabwe was removed from the list.[43][44]
- In October 2022, Pakistan was removed from the grey list.[45]
- In February 2023, Morocco was removed from the grey list.[46]
- Albania, the Cayman Islands, Jordan, and Panama, have been removed from the list.Template:WhenScript error: No such module "Unsubst".
- In October 2024, Lebanon was added to the grey list.[34]
- In February 2025, the Philippines was removed from the grey list.[47]
- In June 2025, Croatia was removed from the grey list.[48]
Other similar lists
OECD "grey list"
Although its main focus is on tax crime, the OECD is also concerned with money laundering and has complemented the work carried out by the FATF.[49]
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.[50]
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 2008 financial crisis. Germany, France, and other countries called on the OECD to add Switzerland to a blacklist of countries which encourage tax fraud.[51] 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.[52]
- 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,[53] 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.[54]
Global forum compliance
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Other nations regularly accused of terror financing
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Qatar continues to finance Hamas, a militant group designated as a terrorist organization by the US; allows the Taliban to maintain offices in Qatar, and is the largest state-ally of the Muslim Brotherhood.[55] However, a June 2023 FATF report, claimed that Qatar has shown a government-wide effort to address ML/TF risks and to implement an effective targeted financial sanctions (TFS) regime. The report cited an updated AML/CFT law providing law enforcement with tools and improving inter-agency coordination in Qatar; the establishment of the Qatar Financial Centre (QFC) tasked with supervision with an AML/CFT supervisory team at the QFC Regulatory Authority; and a 2019 law on combating terrorism financing.[56]
Nations such as Bahrain, Egypt, Saudi Arabia, and the UAE have also been accused of doing very little to prevent the flow of funds for terror financing in other nations. Bahrain accepts Muslim Brotherhood-affiliated Minbar as a legitimate political player, and Saudi Arabia collaborates with the Muslim Brotherhood-affiliate al-Islah in Yemen. Saudi Arabia and the UAE have been accused of hypocrisy in the 2017 Qatar diplomatic crisis, as they too face accusations of not doing enough to stop terror financing, and both nations have links to terrorist organisations in the Middle East.[57] In March 2022, the FATF added the UAE to its grey list of jurisdictions subject to increased monitoring, as it claims that the country is non-cooperative in the global fight against money laundering and terror financing.[58][59]
See also
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- Asia/Pacific Group on Money Laundering
- Hawala
- Informal value transfer system
- Remittance
- Riba
- Offshore financial centre
- Terrorism financing
References
External links
- FATF "Non-Cooperative Countries and Territories"
- Annual Non-Cooperative Countries and Territories Initiative (NCCT) Reports
- FATF's "NCCTs FAQ"
- ↑ FATF nations, Full member nations, Observer nations, Call for action nations (Blacklisted nations), Other monitored jurisdictions (greylisted nations), FATF, accessed 24 October 2019.
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- ↑ a b "June 2000 Report" (PDF). FATF. Retrieved 5 Oct 2022.
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- ↑ Error:- 404 - Financial Action Task Force (FATF) Template:Webarchive
- ↑ a b Script error: No such module "citation/CS1".
- ↑ FATF Statement - 20 June 2008 Financial Action Task Force (FATF)
- ↑ FATF Statement concerning Iran, Uzbekistan, Turkmenistan, Pakistan* and India and Príncipe - 26 June 2009 Financial Action Task Force (FATF) Template:Webarchive
- ↑ Script error: No such module "citation/CS1".
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- ↑ a b Script error: No such module "citation/CS1".
- ↑ a b Watchdog FATF places Lebanon on financial crime watchlist, Timour Azhari and Makini Brice for Reuters, posted and retrieved 25 Oct 2024.
- ↑ a b Mengqi Sun (2024), Monaco, Venezuela Placed on Global Money-Laundering Watch List, Wall Street Journal, 28 June.>
- ↑ Script error: No such module "citation/CS1".
- ↑ Pakistan fails to meet terror finance watchdog's action points, Live News Daily, 17 June 2019.
- ↑ Clear warning: FATF statement Template:Webarchive, Business recorder, 22 October 2019.
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- ↑ U.A.E. Placed on Global Watch List for Money Laundering, Terrorism Financing, The Wall Street Journal, 4 March 2022.
- ↑ FATF retains Pakistan on grey list, adds UAE, Tribune India, 6 March 2022.
- ↑ Script error: No such module "citation/CS1".
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- ↑ List of Unco-operative Tax Havens Organisation for Economic Co-operation and Development] n.d., retrieved 7 May 2016
- ↑ Calls from 17 countries for new tax haven blacklist Template:Webarchive euronews, world news, 21 October 2008
- ↑ Script error: No such module "citation/CS1".
- ↑ Bangkok Post, 12 March 2010, p. B5
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- ↑ Qatar's Links to Terrorism: The War of Narratives, Fair Observer, 21 October 2019.
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