Algeria, Angola and Cte dIvoire were added to the Financial Action Task Forces grey list after falling short in their financial regulatory and legal regimes, while Senegal was removed from the list after making improvements.
The FATF, an intergovernmental organisation, sets international standards for anti-money laundering countering the financing of terrorism and countering the financing of proliferation of weapons of mass destruction .
The grey list identifies countries that are actively working with the FATF to address strategic deficiencies in those areas.
New action plans announcedAccording to the FATF, the limitations found for the three countries included insufficient risk-based supervision and lacking transparency in beneficial ownership information.
In the new action plan, Algeria was tasked with improving risk-based supervision developing a more effective framework for basic and beneficial ownership enhancing its regime for suspicious transactions and establishing an effective legal and institutional framework for targeted financial sanctions for terrorism financing.
