FATF Outcomes of October Plenary

The Financial Action Task Force (FATF) concluded its October 2025 plenary meeting last week.

With delegates from over 200 jurisdictions and a broad set of observers, the organisation made several important decisions that will shape the global fight against money-laundering, terrorist-financing, proliferation-financing and other illicit flows.

Here’s a breakdown of the key outcomes.

Removal of jurisdictions from the “increased monitoring” list

One of the headline decisions was to remove four jurisdictions from the FATF “jurisdictions under increased monitoring”,  commonly known as the “grey list”. 

This decision was made as the countries had completed their action plans and on-site visits:

1. Burkina Faso

2. Mozambique

3. Nigeria

4. South Africa

Being placed on the grey list subjects countries to heightened scrutiny from international banks, which the IMF has found to have a “large and statistically significant” dampening effect on capital flows.

Countries currently Grey Listed: 

1. Algeria

2. Angola

3. Bolivia

4. Bulgaria

5. Cameroon

6. Côte d’Ivoire

7. Democratic Republic of the Congo

8. Haiti

9. Kenya

10. Lao People’s Democratic Republic (Lao PDR)

11. Lebanon

12. Monaco

13. Namibia

14. Nepal

15. South Sudan

16. Syria

17. Venezuela

18. Vietnam

19. Virgin Islands (UK)

20. Yemen

High Risk jurisdiction on the “Black List” 

The FATF also updated its public statement on jurisdictions with the most serious strategic deficiencies. These high-risk jurisdictions are subject to a call for countermeasures or enhanced due diligence due to major gaps in their frameworks to combat money laundering, terrorist financing, and proliferation financing.

• Subject to Countermeasures:

  • Democratic People’s Republic of Korea (North Korea)

  • Iran

• Subject to Enhanced Due Diligence (EDD):

  • Myanmar — FATF has called for EDD measures and warned that countermeasures may be considered if progress stalls.

FATF urges all jurisdictions to apply enhanced due diligence, and where required, countermeasures, to protect the integrity of the international financial system.

Artificial Intelligence and Deepfakes:

The FATF has launched a new Horizon Scan highlighting how criminals are leveraging generative AI, AI agents, and other emerging technologies to support illicit activities. 

For instance, deepfakes can now be produced at scale to perpetrate cyber fraud.

The forthcoming report will present case studies designed to help governments and the private sector strengthen safeguards and use AI responsibly to counter criminal misuse.

What do these updates mean for Australia: 

Australian reporting entities should update their country-risk ratings in line with the latest FATF changes. Enhanced due diligence should continue for high-risk jurisdictions, while exposure to countries removed from the grey list — such as South Africa and Nigeria — can now be reassessed.

The FATF’s renewed emphasis on effectiveness and enforcement complements Australia’s ongoing AML/CTF reforms. 

As the government moves forward with Tranche 2, extending obligations to lawyers, accountants and real-estate professionals, institutions should ensure their compliance programs are robust, practical, and demonstrate measurable results.