Financial Action Task Force blacklist

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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

File:Financial Action Task Force Membership Map.png
Financial Action Task Force Membership Map

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

  1. Template:Country data Argentina
  2. Template:Country data Australia
  3. Template:Country data Austria
  4. Template:Country data Belgium
  5. Template:Country data Brazil
  6. Template:Country data Canada
  7. Template:Country data China
  8. Template:Country data Denmark
  9. Template:Country data EU
  10. Template:Country data Finland
  11. Template:Country data France
  12. Template:Country data Germany
  13. Template:Country data Greece
  14. Template:Country data Gulf Cooperation Council
  15. Template:Country data Hong Kong
  16. Template:Country data Iceland
  17. Template:Country data India
  18. Template:Country data Indonesia
  19. Template:Country data Ireland
  20. Template:Country data Israel
  21. Template:Country data Italy
  22. Template:Country data Japan
  23. Template:Country data Republic of Korea
  24. Template:Country data Luxembourg
  25. Template:Country data Malaysia
  26. Template:Country data Mexico
  27. Template:Country data Netherlands
  28. Template:Country data New Zealand
  29. Template:Country data Norway
  30. Template:Country data Portugal
  31. Template:Country data Russia
  32. Template:Country data Saudi Arabia
  33. Template:Country data Singapore
  34. Template:Country data South Africa
  35. Template:Country data Spain
  36. Template:Country data Sweden
  37. Template:Country data Switzerland
  38. Template:Country data Turkey
  39. Template:Country data United Kingdom
  40. Template:Country data United States

Template:Div col end

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:Div col

  1. Template:Country data Bahamas
  2. Template:Country data Cayman Islands
  3. Template:Country data Cook Islands
  4. Template:Country data Israel
  5. Template:Country data Lebanon
  6. Template:Country data Marshall Islands
  7. Template:Country data Nauru
  8. Template:Country data Niue
  9. Template:Country data Panama
  10. Template:Country data Philippines
  11. Template:Country data Russian Federation
  12. Template:Country data Saint Kitts and Nevis
  13. Template:Country data Saint Vincent and the Grenadines

Template:Div col end

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

  1. Template:Country data Egypt
  2. Template:Country data Grenada
  3. Template:Country data Guatemala
  4. Template:Country data Hungary
  5. Template:Country data Indonesia
  6. Template:Country data Myanmar
  7. Template:Country data Nigeria
  8. Template:Country data Ukraine

Template:Col div end

June 2002 report

According to June 2002 report from FATF, following countries were listed as NCCTs.[14]

Template:Div col

  1. Template:Country data Dominica
  2. Template:Country data Egypt
  3. Template:Country data Grenada
  4. Template:Country data Guatemala
  5. Template:Country data Indonesia
  6. Template:Country data Marshall Islands
  7. Template:Country data Myanmar
  8. Template:Country data Nauru
  9. Template:Country data Nigeria
  10. Template:Country data Niue
  11. Template:Country data Philippines
  12. Template:Country data St. Vincent and the Grenadines
  13. Template:Country data Ukraine

Template:Div col end

June 2003 report

According to a June 2003 report from FATF, the following countries were listed as NCCTs.[15]

Template:Div col

  1. Template:Country data Cook Islands
  2. Template:Country data Egypt
  3. Template:Country data Guatemala
  4. Template:Country data Indonesia
  5. Template:Country data Myanmar
  6. Template:Country data Nauru
  7. Template:Country data Nigeria
  8. Template:Country data Philippines
  9. Template:Country data Ukraine

Template:Col div end

July 2004 report

According to the July 2004 report from FATF, the following countries were listed as NCCTs.[16]

Template:Div col

  1. Template:Country data Cook Islands
  2. Template:Country data Indonesia
  3. Template:Country data Myanmar
  4. Template:Country data Nauru
  5. Template:Country data Nigeria
  6. Template:Country data Philippines

Template:Col div end

June 2005 Report

According to June 2005 report from FATF, the following were listed as NCCTs.[17]

Template:Div col

  1. Template:Country data Myanmar
  2. Template:Country data Nauru
  3. Template:Country data Nigeria

Template:Col div end

June 2006 report

The seventh list, published in June 2006,[18] listed only the following country as non-cooperative:

Template:Div col

  1. Template:Country data Myanmar

Template:Col div end

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

  1. Template:Country data Uzbekistan
  2. Template:Country data Iran
  3. Template:Country data Pakistan
  4. Template:Country data Turkmenistan
  5. Template:Country data São Tomé and Príncipe
  6. Template:Country data Northern Cyprus

Template:Col div end

June 2009 statement

FATF issued a "public statement" on 25 February 2009 noting concerns and encouraging greater compliance by the following countries:[21]

Template:Div col

  1. Template:Country data Turkmenistan
  2. Template:Country data Uzbekistan
  3. Template:Country data São Tomé and Príncipe

Template:Col div end

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]

Template:Div col

  1. Template:Country data North Korea

Template:Col div end

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:Div col

  1. Template:Country data Cuba
  2. Template:Country data Bolivia
  3. Template:Country data Ethiopia
  4. Template:Country data Kenya
  5. Template:Country data Myanmar
  6. Template:Country data Nigeria
  7. Template:Country data Sao Tome and Principe
  8. Template:Country data Sri Lanka
  9. Template:Country data Syria
  10. Template:Country data Turkey

Template:Div col end

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

  1. Template:Country data Iran
  2. Template:Country data North Korea

Template:Col div end

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

Template:Div col

  1. Template:Country data Bolivia
  2. Template:Country data Cuba
  3. Template:Country data Ethiopia
  4. Template:Country data Ghana
  5. Template:Country data Indonesia
  6. Template:Country data Kenya
  7. Template:Country data Myanmar
  8. Template:Country data Nigeria
  9. Template:Country data Israel
  10. Template:Country data São Tomé and Príncipe
  11. Template:Country data Sri Lanka
  12. Template:Country data Syria
  13. Template:Country data Tanzania
  14. Template:Country data Thailand

Template:Col div end

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.

Template:Div col

  1. Template:Country data Iran
  2. Template:Country data North Korea

Template:Col div end

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:Div col

  1. Template:Country data Ecuador
  2. Template:Country data Ethiopia
  3. Template:Country data Indonesia
  4. Template:Country data Kenya
  5. Template:Country data Myanmar
  6. Template:Country data São Tomé and Príncipe
  7. Template:Country data Syria
  8. Template:Country data Tanzania
  9. Template:Country data Turkey
  10. Template:Country data Vietnam
  11. Template:Country data Yemen

Template:Col div end

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

  1. Template:Country data Iran
  2. Template:Country data North Korea

Template:Col div end

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:Div col

  1. Template:Country data Algeria
  2. Template:Country data Ecuador
  3. Template:Country data Ethiopia
  4. Template:Country data Indonesia
  5. Template:Country data Kenya
  6. Template:Country data Myanmar
  7. Template:Country data Tanzania
  8. Template:Country data Turkey
  9. Template:Country data Yemen

Template:Div col end

February 2014

A total of 11 countries were identified as jurisdictions with strategic deficiencies posing a risk to the international financial system.[27]

Template:Div col

  1. Template:Country data North Korea

Template:Col div end

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:Div col

  1. Template:Country data Algeria
  2. Template:Country data Ecuador
  3. Template:Country data Ethiopia
  4. Template:Country data Indonesia
  5. Template:Country data Myanmar
  6. Template:Country data Syria
  7. Template:Country data Israel
  8. Template:Country data Yemen

Template:Col div end

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]

Template:Div col

  1. Template:Country data Iran
  2. Template:Country data North Korea

Template:Col div end

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:Div col

  1. Template:Country data Algeria
  2. Template:Country data Ecuador
  3. Template:Country data Indonesia
  4. Template:Country data Myanmar

Template:Col div end

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]

Template:Div col

  1. Template:Country data Iran
  2. Template:Country data North Korea

Template:Col div end

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.

Template:Div col

  1. Template:Country data Algeria
  2. Template:Country data Ecuador
  3. Template:Country data Myanmar

Template:Col div end

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

  1. Template:Country data Iran
  2. Template:Country data North Korea

Template:Col div end

Jurisdictions with strategic deficiencies: Template:Div col

  1. Template:Country data Myanmar

Template:Col div end

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]

Template:Div col

  1. Template:Country data Iran
  2. Template:Country data North Korea

Template:Col div end

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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File:FATF blacklist and greylist states (2024).svg
FATF blacklist and greylist states as of 2024

As of 13 June 2025, the following countries were on this list:[33] Template:Div col

  1. Template:Country data Iran
  2. Template:Country data North Korea
  3. Template:Country data Myanmar

Template:Col div end

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:Div col

  1. Template:Country data Algeria
  2. Template:Country data Angola
  3. Template:Country data Bolivia
  4. Template:Country data Bulgaria
  5. Template:Country data Burkina Faso
  6. Template:Country data Cameroon
  7. Template:Country data Côte d'Ivoire
  8. Template:Country data Democratic Republic of the Congo
  9. Template:Country data Haiti
  10. Template:Country data Kenya
  11. Template:Country data Laos
  12. Template:Country data Lebanon[34]
  13. Template:Country data Monaco[35]
  14. Template:Country data Mozambique
  15. Template:Country data Namibia
  16. Template:Country data Nepal
  17. Template:Country data Nigeria
  18. Template:Country data Senegal
  19. Template:Country data South Africa
  20. Template:Country data South Sudan
  21. Template:Country data Syria
  22. Template:Country data Venezuela[35]
  23. Template:Country data Vietnam[36]
  24. Template:Country data British Virgin Islands
  25. Template:Country data Yemen

Template:Col div end

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"

File:OECD gray list.png
implementation of the internationally agreed tax standard as of 2011 <templatestyles src="Legend/styles.css" />
  substantially implemented the standard
<templatestyles src="Legend/styles.css" />
  committed to the standard, but have not yet substantially implemented it
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  have not committed to the standard (none)
<templatestyles src="Legend/styles.css" />
  jurisdiction not monitored

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]

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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References

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External links

  1. 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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  13. a b "June 2000 Report" (PDF). FATF. Retrieved 5 Oct 2022.
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  18. Error:- 404 - Financial Action Task Force (FATF) Template:Webarchive
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  20. FATF Statement - 20 June 2008 Financial Action Task Force (FATF)
  21. FATF Statement concerning Iran, Uzbekistan, Turkmenistan, Pakistan* and India and Príncipe - 26 June 2009 Financial Action Task Force (FATF) Template:Webarchive
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  33. a b Script error: No such module "citation/CS1".
  34. a b Watchdog FATF places Lebanon on financial crime watchlist, Timour Azhari and Makini Brice for Reuters, posted and retrieved 25 Oct 2024.
  35. a b Mengqi Sun (2024), Monaco, Venezuela Placed on Global Money-Laundering Watch List, Wall Street Journal, 28 June.>
  36. Script error: No such module "citation/CS1".
  37. Pakistan fails to meet terror finance watchdog's action points, Live News Daily, 17 June 2019.
  38. Clear warning: FATF statement Template:Webarchive, Business recorder, 22 October 2019.
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  43. U.A.E. Placed on Global Watch List for Money Laundering, Terrorism Financing, The Wall Street Journal, 4 March 2022.
  44. FATF retains Pakistan on grey list, adds UAE, Tribune India, 6 March 2022.
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  50. List of Unco-operative Tax Havens Organisation for Economic Co-operation and Development] n.d., retrieved 7 May 2016
  51. Calls from 17 countries for new tax haven blacklist Template:Webarchive euronews, world news, 21 October 2008
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  53. Bangkok Post, 12 March 2010, p. B5
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  57. Qatar's Links to Terrorism: The War of Narratives, Fair Observer, 21 October 2019.
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