FATF improves Syria’s evaluation for combating money laundering and terrorism financing

22/07/2014

Damascus, SANA – The Financial Action Task Force (FATF) agreed in its most recent meeting in Paris to improve Syria’s evaluation, classifying it in the list of countries with ” Improving Global AML/CFT Compliance: on-going process.”

According to a statement from FATF which SANA received on Tuesday, the decision came after Syria made improvements in its system for anti money laundering (AML) and counter-terrorism financing (CFT) and dealing with any loopholes in it.

The FATF has two lists: the recommendations list which contains countries where there are shortcomings in AML/CFT, and a blacklist of non-cooperative countries. Syria was placed on the first list in 2011 for not making enough progress in the aforementioned fields.

Following diligent efforts by Syria’s Agency for Combating Money Laundering and Terrorism Financing, the shortcomings that would have eventually led to it being declassified by FATF were addressed.

Due to the security conditions in Syria, it’s not possible for the FATF to conduct field visits and ascertain the implementation of AML/CFT strategies, which would lead to further improving Syria’s classification.

It should be noted that in an earlier meeting, the Financial Action Task Force for the Middle East and North Africa (MENAFATF) acknowledged progress made by Syria in AML/CTF.

H. Sabbagh