Sri Lanka removed from FATF's Grey List

October 19, 2019 17:30

Sri Lanka has been removed from the "Grey List" of the international terror financing watchdog FATF, according to a media report.

The island nation will no longer be subject to the Financial Action Task Force's monitoring under its on-going global anti-money laundering and countering the financing of terrorism compliance process, the Colombo Gazette reported on Saturday.

The FATF said Sri Lanka made significant progress in addressing the strategic AML/CFT deficiencies identified earlier, the daily said.

In October 2016, the FATF announced that Sri Lanka will be subjected to a review of the International Cooperation Review Group of the terror financing watchdog to assess the progress of AML/CFT effectiveness in the country.

The Paris based organisation indicated Sri Lanka had not made sufficient progress in four parameters -- international cooperation, supervision, legal persons and arrangements and targeted financial sanctions on proliferations (North Korea and Iran), the daily said. -- PTI

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