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, is obligated to adhere to sanctions imposed by the United Nations, which are designed to maintain international peace and security. The UN has established 31 sanctions regimes since 1966, addressing various threats through measures like economic sanctions, arms embargoes, and travel bans, while also considering the rights of those affected by these sanctions.
The Arab League has imposed sanctions on Syria since 2011 due to government violence against protesters, including economic restrictions and travel bans on officials. While Syria was readmitted to the Arab League in 2023, the status of these sanctions remains uncertain, and Syria is also subject to extensive sanctions from the EU and US, which include asset freezes and trade restrictions.
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 been severely affected by an 11-year civil war, resulting in a significant contraction and a heavy reliance on foreign aid, particularly from Iran. The country, once dependent on oil and agriculture, now faces hyperinflation, high unemployment, and a public debt exceeding 90% of GDP, with the agricultural sector contributing about 20% to GDP and employment.
The investment climate in Syria is severely constrained by ongoing violence, government restrictions, and international isolation, which deter foreign investors. Political instability and economic sanctions have led to a significant decline in foreign direct investment, while bureaucratic hurdles and a heavily regulated economy further limit recovery prospects.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
