Oct 21, 2019 (LBO) – The Financial Action Task Force (FATF), the global policy setter on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has delisted Sri Lanka from FATF’s Compliance Document which is more commonly identified as “the Grey List”.
The decision was taken at the FATF Plenary held during 13-18 October 2019 in Paris. It is expected that the delisting by the FATF will have a positive economic and financial impact on Sri Lanka.
The implementation of the FATF Action Plan was led by Governor of Central Bank as the Chairman of the AML/CFT National Coordinating Committee and officials of the Financial Intelligence Unit.
The full statement made by FATF on Sri Lanka is as follows:
The FATF welcomes Sri Lanka’s significant progress in improving its AML/CFT regime and notes that Sri Lanka has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in November 2017.
Sri Lanka is therefore no longer subject to the FATF’s monitoring process under its ongoing global AML/CFT compliance process. Sri Lanka will continue to work with APG to improve further its AML/CFT regime.
Related: Financial Action Task Force endorses initial progress made by Sri LankaPress-Release-Grey-List-Oct-2019