Sri Lanka removed from international ‘grey list’
The Financial Action Task Force (FATF) has delisted Sri Lanka from its compliance document a.k.a. the ‘grey list.’
This decision is attributed to Sri Lanka’s progress in improving its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime.
Sri Lanka is said to have met its commitments in the action plan drafted by the FATF based on the strategic deficiencies identified in 2017, therefore, rendering it no longer subject to the FATF’s monitoring process.
This decision, taken at an FATF plenary in Paris, is expected to boost the country’s economic and financial status.
The FATF is an intergovernmental organisation that was established in 1989 to combat money laundering, terrorist financing and other threats to the international financial system.