FATF Country Lists Updated (February 2026): Required Actions for Financial Intermediaries Background
At its plenary meeting held from 11 to 13 February 2026 under the Mexican presidency (President Elisa de Anda Madrazo), the FATF (Financial Action Task Force) updated its country lists. FINMA has reminded financial intermediaries that these developments must be taken into account within their internal risk management and risk analysis frameworks.
The FATF publishes its country lists three times per year. A distinction is made between:
- jurisdictions under increased monitoring (“Grey List”); and
- high-risk jurisdictions subject to countermeasures (“Black List” / High-Risk Jurisdictions subject to a Call for Action).
Changes as of 13 February 2026
Grey List – Jurisdictions under Increased Monitoring
(as of 13 February 2026)
Algeria, Angola, Bolivia, Bulgaria, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo, Haiti, Kenya, Kuwait, Laos, Lebanon, Monaco, Namibia, Nepal, Papua New Guinea, South Sudan, Syria, Venezuela, Vietnam, British Virgin Islands, and Yemen.
Black List – High-Risk Jurisdictions subject to a Call for Action
- North Korea (DPRK)
- Iran
- Myanmar
Obligations for Financial Intermediaries in Switzerland
Under the AMLA as well as FINMA’s supervisory expectations, FATF information must be incorporated into the institution’s internal risk and compliance framework.
This particularly concerns:
- the risk classification of clients and business relationships;
- country and transaction risk assessments;
- monitoring of business relationships and transactions;
- application of risk-based enhanced due diligence measures;
- documentation of reviews and measures taken.
Business relationships or transactions involving high-risk jurisdictions such as North Korea, Iran, or Myanmar are subject to increased expectations regarding due diligence, monitoring, and escalation.
For jurisdictions on the Grey List, no automatic additional due diligence obligations apply. However, FATF information must be incorporated into the institution’s risk analysis and adequately reflected in risk classifications.
Practical Implications
- Existing client relationships involving Kuwait or Papua New Guinea should be reviewed on a risk-based basis and risk classifications adjusted where appropriate.
- Updated FATF lists should be integrated into the institution’s country and risk assessment framework.
- Internal guidelines and thresholds relating to enhanced due diligence measures should be reviewed and adjusted where necessary.
- Transactions involving listed jurisdictions should be monitored with increased attention.
- Suspicious circumstances may trigger reporting obligations to MROS under Art. 9 AMLA.
- All reviews, risk assessments, and measures taken should be documented in a traceable manner, as these may form part of supervisory reviews.
