FATF’s new chair, Elisa de Anda Madrazo of Mexico, acknowledged Lebanon’s severe political and economic challenges and emphasized that its grey-listing should not hinder humanitarian assistance to the country. “FATF does not call for increased due diligence or countermeasures and is committed to ensuring humanitarian aid channels remain open for Lebanon,” she clarified, underlining the need for sensitivity in these complex cases.
Grey listing: A pathway for improvement, not punishment
Madrazo reiterated that grey-listing is not a punitive measure but rather a means to guide nations towards strengthening their financial systems. Countries on this list are expected to work with FATF to address specific areas of concern and enhance their defenses against financial crime, ensuring compliance with global standards.
In a positive development, Senegal was removed from the grey list after taking substantial steps to meet FATF’s action plan. Following an August visit, the FATF observed that Senegal had made significant improvements, particularly in its ability to investigate and prosecute money laundering cases tied to corruption. This progress reflects FATF’s effectiveness in supporting countries to improve their financial security frameworks.
Global cooperation and oversight
This plenary gathering brought together over 200 delegates from FATF’s global network, including observers from international organizations such as the International Monetary Fund (IMF), the United Nations, the World Bank, Interpol, and the Egmont Group, which facilitates collaboration among financial intelligence units worldwide. These meetings play a crucial role in shaping international financial standards and fostering cooperation to combat financial crimes.
FATF’s recent actions underscore its commitment to upholding financial integrity while maintaining essential humanitarian aid flows for nations facing complex crises. As Algeria, Angola, Côte d’Ivoire, and Lebanon join the grey list, they will engage with FATF to implement changes that align with international standards, strengthening their financial systems to better resist financial crime and corruption.
