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 - 21 February 2025
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, which aims to maintain international peace through various measures. Since 1966, the Security Council has established numerous sanctions regimes, with 15 currently active, focusing on political settlements, nuclear non-proliferation, and counter-terrorism, while also considering the rights of those targeted.
The Arab League has also imposed sanctions on Syria since 2011 due to its government's actions during the Arab Spring, including economic sanctions and travel bans. While Syria was readmitted to the Arab League in 2023, the status of these sanctions remains uncertain, and Syria continues to face extensive sanctions from the EU, US, and the UK, targeting various sectors and individuals associated with the regime.
Bribery & Corruption
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 12 |
| World Bank: Control of Corruption Percentile Rank | 0 |
Economy
Syria's economy has contracted by approximately 60% due to the ongoing civil war, resulting in high unemployment and rising poverty rates. Once reliant on oil and agriculture, the economy is now characterized by a decline in production and a shift towards a war economy, with significant challenges in attracting foreign investment due to violence, sanctions, and political instability.
The investment climate in Syria is currently unfavorable, primarily due to ongoing violence, government restrictions, and economic sanctions that severely limit foreign investment opportunities. Political instability and a lack of regulatory transparency further deter potential investors, complicating efforts to rebuild the economy in the aftermath of the conflict.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
