Syria Country Summary
Sanctions
EU, US & Arab League
FATF AML Deficient List
Yes
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Syria is currently on the FATF List of Countries that have been identified as having strategic AML deficiencies
Latest FATF Statement - 25 October 2024
Since February 2010, when Syria made a high-level political commitment to work with the FATF and MENAFATF to address its strategic AML/CFT deficiencies, Syria has made progress to improve its AML/CFT regime. In June 2014, the FATF determined that Syria had substantially addressed its action plan at a technical level, including by criminalising terrorist financing and establishing procedures for freezing terrorist assets. While the FATF determined that Syria has completed its agreed action plan, due to the security situation, the FATF has been unable to conduct an on-site visit to confirm whether the process of implementing the required reforms and actions has begun and is being sustained. The FATF will continue to monitor the situation and will conduct an on-site visit at the earliest possible date.
Compliance with FATF Recommendations
It should be noted that the new style FATF Mutual Evaluation has not yet been undertaken.
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Syria was undertaken by the Financial Action Task Force (FATF) in 2006. According to that Evaluation, Syria was deemed Compliant for 5 and Largely Compliant for 8 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 5 of the 6 Core Recommendations.
Sanctions
Syria, as a UN member, must adhere to sanctions imposed by the UN Security Council to maintain international peace and security. The Security Council has established numerous sanctions regimes since 1966, which include economic sanctions, arms embargoes, and travel bans, while also considering the rights of those affected by these measures.
Currently, Syria faces sanctions from the EU, US, and Arab League, including an arms embargo and financial restrictions. The US sanctions program, initiated in 2004, has evolved in response to Syria's actions and ongoing human rights abuses, while the EU has extended its restrictive measures due to the deteriorating situation in Syria.
Bribery & Corruption
| Rating | 0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 13 |
| World Bank: Control of Corruption Percentile Rank | 0 |
Economy
Syria's economy has contracted by approximately 60% due to an 11-year civil war, leading to significant hyperinflation and high unemployment rates exceeding 10%. The economy heavily relies on oil and agriculture, with oil previously accounting for about 40% of export earnings, but production has declined, and the country faces increasing imports and economic sanctions that limit foreign investment.
The investment climate in Syria is severely constrained by ongoing violence, government restrictions, and international economic sanctions, which deter foreign investment. Political instability and a lack of infrastructure, exacerbated by an 11-year civil war, further complicate the potential for attracting foreign capital, despite some government initiatives aimed at improving investment conditions.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
