FATF accelerates review of crypto-asset standards and removes four countries from the grey list

It is the first plenary under the British presidency of Giles Thomson, held in Paris from 28 to 30 October. The FATF agreed to “significantly accelerate” the implementation of its virtual asset standards in countries with a relevant crypto sector, through a targeted review based on objective criteria.

It says implementation is uneven and that criminal networks exploit this for fraud, sanctions evasion and money laundering. It will publish results in June and October 2027. It also approved a report on the illicit flows of “scam compounds”, to be released next week.

Bulgaria, Côte d’Ivoire, DR Congo and Monaco leave the grey list, which now stands at 18 countries, including Bolivia, Venezuela, Haiti and the British Virgin Islands. Panama is not on it. It also adopted the mutual evaluations of Mexico and the United States, which will be published in December.

Paris, 30 October 2026 – The inaugural plenary meeting of the Financial Action Task Force (FATF) under the UK Presidency of Giles Thomson concluded today. Countries agreed to take global action to address evolving financial crime threats, including the growing threat posed by virtual assets, fraud and scams.

Delegates from the FATF Global Network, made up of more than 200 jurisdictions and observers, met in Paris from 28 to 30 October. At the invitation of the FATF President, representatives from Barbados, Namibia and Thailand participated for the first time under their own flags through the FATF  Guest Initiative , which strengthens the FATF’s global response in the fight against financial crime.

In response to the FATF’s April 2026 Ministerial Declaration, the Plenary agreed to significantly accelerate the effective implementation of the FATF Standards on virtual assets (VAs) in jurisdictions with relevant activity in this area. The Plenary recognised the need to urgently strengthen countries’ defences against the growing threat posed by the misuse of virtual assets for money laundering, terrorist financing and proliferation financing.

The Plenary approved a landmark report that elevates the fight against fraud and scams to a global priority, providing a solid basis for the FATF and its Global Network to step up their efforts to identify, disrupt and deprive the criminal networks behind these activities of their illicit proceeds. This is the first deliverable of the FATF Roadmap to combat fraud under the UK Presidency, and it will be followed by a broader study and recommendations on how to use FATF tools to combat fraud more widely.

The FATF agreed to remove Bulgaria, Côte d’Ivoire, the Democratic Republic of the Congo and Monaco from its list of jurisdictions under increased monitoring following successful on-site visits, and updated its statements on jurisdictions under increased monitoring and jurisdictions subject to a call for action.

The Plenary adopted the reports of Mexico and the United States under the new round of mutual evaluations . 

The Plenary agreed to introduce tailored evaluations for low-capacity countries, allowing high-impact reforms to be prioritised on a risk basis.

Strategic initiatives to strengthen global defences against illicit finance

Accelerating global implementation of the FATF Standards in the virtual asset sector.

Given the growing abuse of virtual assets (VAs) by criminal networks for various illicit purposes, such as fraud, scams, sanctions evasion, money laundering, terrorist financing and proliferation financing, the Plenary agreed to launch a new targeted review process and accelerated follow-up to help jurisdictions address more quickly the shortcomings in implementing the FATF Standards on VAs and virtual asset service providers (VASPs).

The targeted review will be based on objective criteria and will focus on jurisdictions with materially important Veterans Affairs (VA) sectors, according to their assessment status. The results will be published in June and October 2027. The FATF will work closely with the relevant jurisdictions to support implementation efforts in this sector, including through ongoing engagement, training and capacity-building initiatives.

Combating illicit financial flows linked to scam compounds

The Plenary approved a new report, to be published next week, examining end-to-end illicit financial flows linked to scam schemes, which are among the fastest-growing forms of organised crime globally and contribute significantly to rising levels of fraud and associated profits.

Drawing on operational experience from across the FATF Global Network, the report will help authorities dismantle the increasingly integrated criminal business models and the professionalised crime-as-a-service economy that underpin scam networks worldwide.

This report will inform the next phase of the FATF’s work on fraud, as members consider how to further mobilise the FATF’s full capabilities to combat fraud, in line with the FATF’s April 2026 Ministerial Declaration.

Compliance with the FATF Standards

High-risk and other monitored jurisdictions

Jurisdictions under increased monitoring (Grey list)

These jurisdictions  are actively working with the FATF and the Global Network to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the jurisdiction has committed to implementing an Action Plan to swiftly resolve the identified strategic deficiencies within agreed timeframes. 

In its statement on Vietnam, the FATF expressed deep concern about the country’s pace of progress. The FATF will consider next steps if Vietnam does not make tangible improvements to address its strategic deficiencies before the next plenary meeting.

Jurisdictions no longer under increased monitoring (removed from the grey list)

Following successful on-site visits, the Plenary congratulated Bulgaria, Côte d’Ivoire, the Democratic Republic of the Congo and Monaco on the positive progress made in addressing the strategic anti-money laundering, counter-terrorist financing and counter-proliferation financing (AML/CFT/CPF) deficiencies identified during their mutual evaluations. The jurisdictions have completed their Action Plans within the agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.

The jurisdictions will continue to work with their respective FATF-style regional bodies (FSRBs), GIABA (Côte d’Ivoire), GABAC and ESAAMLG (Democratic Republic of the Congo) and MONEYVAL (Bulgaria, Monaco), to sustain the improvements in their systems to counter money laundering, terrorist financing and terrorist financing. 

Jurisdictions subject to a call for action (black list)

The FATF identifies countries or jurisdictions with serious strategic deficiencies in countering money laundering, terrorist financing and proliferation financing. These jurisdictions are subject to a call for action  to protect the international financial system. 

The FATF has updated its public statements on two of the high-risk jurisdictions, Myanmar and Iran, reinforcing its call on Myanmar to address the extensive fraud and scam activity emanating from the country, and its call on Iran to criminalise terrorist financing and establish a targeted financial sanctions regime in line with the FATF Standards.
 

Mutual evaluations of Mexico and the United States

The Plenary discussed and adopted the reports of the mutual evaluation of Mexico conducted by the FATF and GAFILAT, as well as the mutual evaluation of the United States conducted by the FATF, the Policy Advisory Group (GAPI) and the FATF Working Group (GTP-GTP). These reports assessed the effectiveness of the measures taken by both countries to combat money laundering, terrorist financing and proliferation financing, and their compliance with the FATF Recommendations. The reports will be published in December 2026, following a quality and consistency review. 

Under the new round of mutual evaluations, countries receive a time-bound roadmap and key recommended actions to be taken within three years to strengthen the effectiveness of their defences against illicit finance. 
 

Ensuring a proportionate, risk-based approach to combating financial crime.

Strengthening support for low-capacity countries

The Plenary concluded a project that examined the challenges faced by low-capacity countries in building effective frameworks to counter money laundering, terrorist financing and terrorist financing, recognising that financial integrity measures are fundamental to sustainable economic development, stability and security.

In response to its findings, the FATF will take a series of measures to strengthen its support for low-capacity countries, including implementing a more tailored approach to mutual evaluations for a subset of developing countries, improving training for mutual evaluation assessors to promote a more risk-based approach, and fostering dialogue on effective capacity building in low-capacity countries.

Risk-based approach

The plenary session also discussed ongoing work to improve the application of the risk-based approach by the private sector and public authorities, to ensure that global efforts to counter money laundering, terrorist financing and terrorist financing focus on the greatest risks and outcomes.

To advance this key FATF priority, the body will host a Learning and Development Forum in Dallas, Texas, on 1 and 2 December 2026. The forum will focus on aligning risk assessment and risk understanding, in order to prioritise resources more effectively, drive a shift in financial crime risk management and supervisory culture, and achieve greater effectiveness. The forum will bring together supervisors, financial intelligence units, law enforcement agencies, and financial and non-financial institutions from around the world to develop a concrete policy statement —to be published shortly afterwards— supporting a reinterpretation of how the risk-based approach should be implemented in practice.