FATF NEWS – will this be the end of greylisting for some countries?
11/10/2024
The FATF has recently announced significant changes to how countries are added to its grey list.
Here are the critical updates:
- Income Threshold: Countries below $10 billion will generally not be grey-listed. This change aims to avoid penalising poorer countries that might struggle with the designation.
- Immediate Listing for FATF Members: The criteria for the 40 jurisdictions that are entire FATF member states have been tightened. If these countries meet the requirements for greylisting, they will be listed immediately without the current 12-month observation period.
- Extended Time for High Debt Distress Countries**: Countries above the $10 billion threshold but in high debt distress will have to double the time (24 months instead of 12) before being identified
These changes are expected to reduce the number of grey-listed countries by about 47%, focusing more on jurisdictions that pose significant risks to the international financial system.
Source:
(1) BREAKING: FATF President reveals new rules for deciding how countries .... https://www.amlintelligence.com/2024/10/breaking-fatf-president-reveals-new-rules-for-deciding-how-countries-are-grey-listed-at-iafcs-2024/.
(2) FATF Unveils New Rules for Deciding How Countries are ‘Grey-listed’. https://www.thisdaylive.com/index.php/2024/10/11/fatf-unveils-new-rules-for-deciding-how-countries-are-grey-listed/.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.