Update to the Financial Action Task Force ‘at risk’ countries

IPA Insolvency Practitioner newsletter AML Digest, April 2025

The Financial Action Task Force (FATF) leads global action to tackle money laundering and terrorist and proliferation financing.

Three times a year (February, June and October) FATF hold a plenary session to consider jurisdictions that require increased monitoring (the ‘grey list’) and high-risk jurisdictions subject to a call for action (the ‘black list’).

Updates to the lists were published from the February 2025 plenary session. There is no change to the black-listed countries which remain North Korea, Iran and Myanmar. Details of FATF findings on these countries can be found here.

There have been changes made to the grey list countries. Laos and Nepal have been added to the list and The Philippines has been removed. Full details are here.

Consideration of the FATF lists is required per Reg 33(3)(a) of the Money Laundering Regulations 2017 (as amended) (MLR17) where the existence of a high-risk third country is a prompt to conduct Enhanced Due Diligence before or during a proposed appointment.