Iceland Hopes To Be Removed From Grey List

The FATF, an international group against money laundering and terrorism financing, will meet on Friday to discuss whether or not Iceland can be removed from their so-called ‘Grey List’, Vísir reports.

The FATF’s (Financial Action Task Force) Grey List highlights the countries that they do not consider able to demonstrate required protections against money laundering, proliferation financing and terrorist financing. When a country is placed on the Grey List, the FATF increase their monitoring of the country to ensure that they swiftly and efficiently resolve any identified deficiencies within an agreed timeframe.

Iceland was placed on the list in 2019 after failing to meet the Action Task Force’s requirements. However, in June of this year, at the group’s general meeting, it was agreed that Iceland had since completed its action plan satisfactorily and they could now consider taking them off the Grey List.  A special assessment will be made before it is decided whether Iceland  can be removed or not.

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