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What is the Grey List and Black List of the Financial Action Task Force?


The Financial Action Task Force (FATF) is an independent inter-governmental body. The FATF develops and promotes policies to protect the Global Financial System from terror funding and Money Laundering activities

What are Black List and Grey List of the FATF?
FATF has 2 types of lists;
1.  Black List
2. Grey List
1. Meaning of Black List: Only those countries are included in this list that FATF considers as unco-operative tax havens for terror funding. These countries are known as Non-Cooperative Countries or Territories (NCCTs). In other words; countries which are supporting terror funding and money Laundering activities are placed in the Black list.
The FATF blacklist or OECD blacklist has been issued by the Financial Action Task Force since 2000 and lists countries which it judges to be non-cooperative in the global fight against money laundering and terror funding.
2. Meaning of Grey List: Those countries which are not considered as the safe heaven for supporting terror funding and money laundering; included in this list. The inclusion in this list is not as severe as black listed.
Now Grey list is a warning given to the country that it might come in Black list (Just like a yellow card in a football match). If a country is unable to curb mushrooming of terror funding and money laundering; it is shifted from grey list to black list by the FATF.

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