Sri Lanka removed from FATF’s Grey List
Sri Lanka has been removed from the “Grey List” of the international terror financing watchdog FATF, according to a media report. The island nation will no longer be subject to the Financial Action Task Force’s monitoring under its on-going global anti-money laundering and countering the financing of terrorism (AML/CFT) compliance process, the Colombo Gazette reported on Saturday. The FATF, whose five-day plenary concluded in Paris on Friday, said Sri Lanka made significant progress in addressing the strategic AML/CFT deficiencies identified earlier, the daily said. In October 2016, the FATF announced that Sri Lanka will be subjected to a review of the International Cooperation Review Group (ICRG) of the terror financing watchdog to assess the progress of AML/CFT effectiveness in the country. The Paris based organisation indicated Sri Lanka had not made sufficient progress in four parameters — international cooperation, supervision, legal persons and arrangements