Compliance Update: Changes in Global Watchlists

Recent Developments in International Watchlists

With the conclusion of the Financial Action Task Force’s (FATF) fifth Plenary on 23 February 2024, we have important updates to share regarding changes to the FATF’s international watchlists:

Updates to the “Grey List”:

  • New Additions: Kenya and Namibia have been added to the FATF Grey List and are now subject to increased monitoring. Funds and investment managers should take the necessary precautions and conduct thorough checks when dealing with clients from these countries.
  • Successful Exits: In a positive shift, Barbados, Gibraltar, Uganda, and the United Arab Emirates (UAE) have been removed from the Grey List. This change reflects the significant progress and efforts that these countries have made to rectify deficiencies in their AML/CTF regimes.

For the most up-to-date information, access the latest FATF Grey List here.

Status Quo Maintained on the “Black List“:

The FATF’s Black List, which represents a call for action on countries identified with serious AML/CTF deficiencies, has not been expanded with new countries.

Access the current FATF Black List here.

Highlight on the UAE’s Compliance Progress

The UAE’s recent exit from the FATF Grey List on 23 February 2024 marks a significant milestone for the country. Having been under increased monitoring since 4 March 2022, the UAE’s journey reflects a steadfast commitment to enhancing its AML/CTF frameworks.

Major Reforms Leading the Way:

  • Strategic Establishment: The introduction of the Executive Office for Control and Non-proliferation (EOCN) signifies a structured approach to tackling financial crimes.
  • Guideline Overhaul: New AML/CTF/Counter Proliferation Financing guidelines have been adopted, enhancing the regulatory framework for financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs). A Targeted Financial Sanctions regime has also been implemented.
  • Collaborative Frameworks: A robust cooperative framework among FIs, DNFBPs, Supervisory Authorities, and Law Enforcement Agencies has been instituted, marking the UAE’s unified front against financial crimes.

The above is a testament to the substantial improvements that the UAE has made in its AML/CTF regime, exemplifying the dynamic nature of compliance and the importance of adaptive strategies.

Your Strategic Advantage with Us

We understand the impact of these updates on our clients and the investment management sector, and we are committed to easing the regulatory compliance process. Our approach, which combines global insights with local expertise and customizable solutions, ensures you can manage these changes effectively, focusing on your strategic goals and investment performance.

For more information on how these updates may impact your business or to explore personalized compliance solutions, contact our support team. We’re here to turn compliance challenges into opportunities for your growth.

Need Expert Guidance on Compliance? Let’s Talk.

Contact Us Today


Latest Video