A “grey list country” refers to a nation that is not fully meeting certain international standards, often related to financial regulations or anti-money laundering efforts. It’s not as bad as being on a “blacklist,” but it means the country has some improvements to make to meet the required standards. Being on a grey list can lead to increased international scrutiny until the identified issues are addressed.
How is the Grey List Formed?
The grey list is typically formed by international organizations or groups that set standards in areas like finance, anti-money laundering, or counter-terrorist financing. One example is the Financial Action Task Force (FATF). They assess countries based on how well they follow these standards.
Who Decides if a Country is on the Grey List?
The decision is made by the organization overseeing the standards. In the case of the FATF, member countries collectively evaluate and decide which nations have deficiencies in meeting international standards. This decision is often based on assessments and reviews of a country’s policies and practices.
How Can a Country Remove Itself from the Grey List?
To get off the grey list, a country usually needs to address the specific deficiencies identified by the international organization. This involves implementing reforms and changes in policies or procedures to meet the required standards. The country is then re-evaluated, and if the improvements are deemed sufficient, it can be removed from the grey list.
Countries that are Grey Listed as of 2023?
- Barbados
- Bulgaria
- Burkina Faso
- Cameroon
- Croatia
- Democratic Republic of Congo
- Gibraltar
- Haiti
- Jamaica
- Mali
- Mozambique
- Nigeria
- Philippines
- Senegal
- South Africa
- South Sudan
- Syria
- Tanzania
- Türkiye
- Uganda
- United Arab Emirates
- Vietnam
- Yemen
