Contact details
Phone No: +91 98248 84900
Email Id: info@amlindia.in
FATF Grey List June 2025: Bolivia and Virgin Islands (UK) Added While Croatia, Mali, Tanzania Removed
FATF Grey List June 2025: Bolivia and Virgin Islands (UK) Added While Croatia, Mali, Tanzania Removed
The Financial Action Task Force (FATF) being a global watchdog of Money Laundering, Terrorism Financing, and Proliferation Financing. It establishes International Standards for Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regimes.
On 13th June 2025, ATF concluded its plenary session, and
– Bolivia
– Virgin Islands UK
have been added to the grey list, due to strategic deficiencies in their AML/CFT and CPF regulatory regime to counter Money Laundering, Terrorism Financing, and Proliferation Financing (ML, TF, and PF) activities.
In this plenary, FATF also announced that
– Croatia
– Mali
– Tanzania
have been removed from the Grey List on the account of their progress in strengthening their Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) frameworks.
The remaining countries have been retained in the Grey List.
Key Action Points for IFSCA Entities
Reporting Entities under India’s AML/CTF regime, like financial institutions, bullion dealers, and IFSCA entities, need to stay updated with the changes in the FATF Grey List.
Regulated Entities should take the following actions to ensure alignment with the FATF updates:
- ML/TF Risk Assessment: Review geographic risk exposure in light of FATF list changes.
- AML/CFT/CPF Policies and Controls: Ensure that internal policies and Procedures reflects updated jurisdictional risk ratings.
- Customer Due Diligence (CDD): Apply Enhanced Due Diligence (EDD) for clients with links to grey-listed jurisdictions.
- AML Software Configuration: Update system to detect and escalate high-risk transactions involving affected countries.
Changes in the FATF Grey List in June 2025
Countries Removed from FATF's Grey List (Jurisdictions under Increased Monitoring):
– Croatia
– Mali
– Tanzania
Countries Added to FATF's Grey List (Jurisdictions under Increased Monitoring):
– Bolivia
– Virgin Islands UK
FATF Grey List as of 13th June 2025
- Algeria
- Angola
- Bolivia
- Bulgaria
- Burkina Faso
- Cameroon
- Côte d’Ivoire
- Democratic Republic of Congo
- Haiti
- Kenya
- Laos
- Lebanon
13. Monaco
14. Mozambique
15. Namibia
16. Nepal
17. Nigeria
18. South Africa
19. South Sudan
20. Syria
21. Venezuela
22. Vietnam
23. Virgin Islands (UK)
24. Yemen
Impact of FATF Grey List Update on Regulated Entities in India
Entities regulated under the AML/CTF/CPF laws of India need to adopt a risk-based approach to ML/TF/PF risk management. When the FATF updates its Grey List, it may result in the need for revision of an entity’s AML/CTF/CPF Program to ensure that the heightened financial crime risks from the FATF Grey Listed countries are given due weightage in its Business Risk Assessment and Customer Due Diligence (CDD) process. For example, while conducting a Customer Risk Assessment (CRA) for a customer from a FATF Grey Listed country, the regulated entity needs to take into consideration the geographic ML/TF/PF risks posed by them and adopt risk-based control measures accordingly.
We are committed to assisting proper enforcement of AML and CFT regulations to regulated entities in India by designing a personalised AML framework – policies, internal controls, and procedures – and ensuring effective implementation of the same.
Important Links
subscribe to newsletter
© AML India 2023 All Rights Reserved.
