Sri Lanka was listed as a high risk third country by the EU in February 2018, subsequent to Sri Lanka being identified by the Financial Action Task Force (FATF) as a jurisdiction with strategic AML/CFT deficiencies in its Compliance Document which is more commonly identified as “the Grey List” in October 2017. Upon listing, a time bound Action Plan to address the strategic deficiencies identified was assigned to Sri Lanka. After the successful steps taken by authorities, The European Commission has de-listed Sri Lanka from its list of High-Risk Third Countries with Anti- Money Laundering and Countering the Financing of Terrorism Strategic Deficiencies published on May 07, 2020