Ecuador and Sudan removed from FATF blacklist

The Financial Action Task Force (FATF) has removed Ecuador and Sudan from its blacklist because it has determined that they no longer pose a threat to the integrity of the international financial system.

This decision eases trade finance restrictions on the two countries, but Sudan remains subject to international sanctions.

AML and CFT strengthening

The statement congratulated Ecuador and Sudan for the significant progress made in addressing their strategic anti-money laundering (AML) and counter-terrorist financing (CFT) deficiencies, according to a statement issued atthe end of a three-day FATF meeting held in Paris in October.

As a result, the two countries will no longer be subject to the FATF’s monitoring under its ongoing global AML/CFT compliance process.

However, both countries will continue to work with their respective FATF-style regional bodies with the aim of further strengthening their AML and CFT regimes, the statement said.

Sanctions remain

Sudan, which has been working under FATF’s instructions on its AML and CFT deficiencies since February 2010, remains under economic sanctions imposed by the US and has a limited access to international financial markets and institutions.

Most European and Arab banks ceased processing financial transactions with Sudan or with Sudanese banksafter the US treasury department’s fine on BNP Paribas for sanctions violations in July 2014. 

Categories: Trade Based Financial crimes News

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