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.
If you would like a demo of our Subscription area, please reserve a day/time that suits you best using this link, or you may Contact Us for further information.
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 United Nations, which are designed to maintain international peace and security. The UN Security Council has established 31 sanctions regimes since 1966, addressing various threats, and currently, there are 15 ongoing regimes focusing on political settlements, nuclear non-proliferation, and counter-terrorism.
Syria is subject to sanctions from the EU, US, and Arab League, which include arms embargoes and financial restrictions. The US sanctions program, initiated in 2004, has evolved to address ongoing violence and 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 | 1 |
Economy
Syria's economy has contracted by approximately 60% due to the ongoing civil war, leading to a significant depreciation of the Syrian pound. The country, once reliant on oil and agriculture, has transitioned to a war economy heavily dependent on foreign credit, particularly from Iran, while the oil sector has declined to the point of becoming a net importer.
The investment climate in Syria is severely compromised due to ongoing violence, government restrictions, and international sanctions, which render foreign investment highly risky. Political instability and inadequate infrastructure further deter potential investors, limiting the prospects for economic recovery. Previous efforts to attract investment in sectors such as tourism and natural gas have been largely reversed due to the ongoing conflict.
Buy Full Syria Report
$125 one time payment
- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
