REGULATION | FATF Expands the ‘Grey List’ as 6 African Countries Remain on the List
The global fight against illicit finance tightened another notch this week after the Financial Action Task Force (FATF) expanded its closely watched “grey list,” underscoring that money laundering and terrorist financing risks remain a persistent concern for financial institutions, crypto firms and cross-border investors.
At its June 2026 plenary, the watchdog added Bosnia and Herzegovina and Iraq to its list of jurisdictions under increased monitoring, while removing Algeria and Namibia after both countries completed agreed reforms to strengthen their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
The changes leave 22 jurisdictions under increased monitoring. Although commonly known as the FATF ‘grey list,’ these jurisdictions are considered higher-risk from a compliance perspective because they have strategic deficiencies in their AML/CFT regimes and are working under FATF action plans to address them.
The watchdog does not call for blanket financial sanctions or wholesale de-risking, but expects financial institutions to apply enhanced risk assessments when dealing with these markets.
The jurisdictions currently under increased monitoring are:
| Jurisdiction | Key reasons for increased monitoring |
|---|---|
| Angola | Beneficial ownership transparency, risk-based supervision, money laundering and terrorist financing investigations. |
| Bolivia | Strengthening AML/CFT supervision, financial intelligence and prosecutions. |
| Bosnia and Herzegovina | Improving AML/CFT supervision, banking oversight, beneficial ownership transparency and enforcement against financial crime. |
| Bulgaria | Enhancing investigations, confiscation of criminal assets and sanctions implementation. |
| Cameroon | Improving financial intelligence, money laundering investigations and terrorist financing controls. |
| Côte d’Ivoire | Strengthening AML supervision, investigations and confiscation efforts. |
| Democratic Republic of the Congo | Addressing weaknesses in AML supervision, financial intelligence and law enforcement. |
| Haiti | Building an effective AML/CFT framework and strengthening investigations and prosecutions. |
| Iraq | Addressing cash-based money laundering risks, increasing money laundering and terrorist financing investigations and making better use of financial intelligence. |
| Kenya | Improving beneficial ownership transparency, AML supervision and prosecution effectiveness. |
| Kuwait | Strengthening risk-based supervision, beneficial ownership measures and money laundering investigations. |
| Lao PDR | Improving supervision, investigations and implementation of targeted financial sanctions. |
| Lebanon | Strengthening financial sector oversight, investigations and confiscation of illicit assets. |
| Monaco | Improving money laundering investigations, prosecutions and confiscation outcomes. |
| Nepal | Enhancing AML supervision, beneficial ownership transparency and financial investigations. |
| Papua New Guinea | Addressing deficiencies in AML/CFT supervision, investigations and sanctions implementation. |
| South Sudan | Strengthening the overall AML/CFT framework and institutional capacity. |
| Syria | Addressing systemic AML/CFT deficiencies and strengthening implementation. |
| Venezuela | Improving supervision, financial intelligence and enforcement. |
| Vietnam | Strengthening risk-based supervision, financial investigations and targeted financial sanctions. |
| Virgin Islands (UK) | Improving beneficial ownership transparency, supervision and enforcement. |
| Yemen | Addressing broad AML/CFT framework deficiencies amid ongoing institutional challenges. |
The June 2026 plenary also approved new initiatives focused on emerging financial crime risks, including the misuse of technological innovation, while updating FATF standards to ensure humanitarian assistance is not unintentionally disrupted by sanctions regimes. Members also endorsed the priorities of the incoming UK presidency and appointed Vivek Aggarwal of India as FATF Vice President beginning in July.
For banks, payment providers and cryptocurrency exchanges, the latest update reinforces that AML compliance remains a moving target. Jurisdictions on the FATF monitoring list are not subject to international sanctions, but they typically face heightened scrutiny from global financial institutions, increasing compliance costs and complicating cross-border business until identified deficiencies are resolved.
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