Syria Syria

New Documents

EU Asylum Office Publishes Report on Human Trafficking Linked to Desperate Economic Conditions in Syria

The European Asylum Support Office published a report focusing on Syria’s socio-economic situation, particularly those of Syrian women, in order to help guide international determinations and strategies with respect to Syria’s economy and aid for its citizens.  

February 14, 2020

Atlantic Council Reports on Future of Northeast Syria, Including Sanctions

The Atlantic Council published a report with conclusions and recommendations for northeast Syria that takes into account the jurisdiction’s eight years of civil war and the United States’ intervention to […]

September 9, 2019

EU Renews Sanctions Against Syria Given Its Deteriorating Situation

February 18, 2013

Netherlands Minister Welcomes Working Group Meeting on Syria Sanctions

September 20, 2012

International Working Group Pledges to Increase Sanctions Against Syrian Regime

September 20, 2012

News

Midweek Roundup: DOJ Outlines Compliance Certification Plan, Treasury Wants More Reporting on Russian Transactions, and More

U.S. officials weigh sanctioning Roman Abramovich, Societe Generale blocks payment from Abramovich-controlled U.K. firm, and more, in the midweek roundup.

March 23, 2022

Midweek Roundup: FinCEN Targets Legal Entities and Real Estate Market, US Threatens Russia with SWIFT Ban, and More

U.S. imposes sanctions on kleptocrats and human rights abusers, facilitator of Danske Bank money laundering slated for extradition to Denmark, and more, in the midweek roundup.

December 8, 2021

Midweek Roundup: EU Seeks More Scrutiny of Foreign Banks, US Holds Global Ransomware Discussions, and More

October 13, 2021

Weekly Roundup: White House Launches Anti-Kleptocracy Push, Former FinCEN Official Jailed Over Leaks, and More

June 4, 2021

Weekly Roundup: US Brokerages Caught in Blatant AML Lapses, Las Vegas Sands Investigates Singapore Branch, and More

March 31, 2021

Enforcement Actions

0 Items Found

Key Documents

Syria Amends AML/CTF Legislation

February 14, 2011

Syria Passes AML Legislation

May 1, 2005

Important Facts

  • The U.S. State Department labels Syria as a jurisdiction of concern, citing significant money laundering and terrorist financing vulnerabilities related to insufficient legislation and poor law enforcement. Syria's borders are porous and many are currently controlled by the Islamic State of Iraq and the Levant, a designated terrorist organization. Furthermore, regional hawala networks, intertwined with smuggling and trade-based money laundering raise significant concerns, including involvement in the financing of terrorism. The Syrian black market is estimated to generate between $15 million and $70 million per day. The country's formal financial sector is not large and only 20 percent of the population used banking services in 2011, prior to recent civil unrest. While the market for private-sector banking has grown despite tough economic sanctions, the use of banking services fell in 2012. The majority of small business transactions are still conducted in cash. In addition, corruption remains a problem among Syria's political and business elite. Cash smuggling and commodity smuggling also remain a problem. Money changers are largely unregulated. The State Department has designated Syria as a State Sponsor of Terrorism and multiple jurisdictions have sanctioned individuals and financial institutions for assisting terrorism activities.
  • KYC Covered Entities: Banks; money exchanges and remitters; issuers of payment instruments, credit cards, payment cards, travelers checks, and ATM cards; investment funds and their managers; financial brokerages and financial leasing corporations; insurance companies; real estate brokers and agents; dealers of high-value goods, jewelry, precious stones, gold, and antiquities; lawyers; and accountants
  • STR Covered Entities: Banks; money exchanges and remitters; issuers of payment instruments, credit cards, payment cards, travelers checks, and ATM cards; investment funds and their managers; financial brokerages and financial leasing corporations; insurance companies; real estate brokers and agents; dealers of high-value goods, jewelry, precious stones, gold, and antiquities; lawyers; and accountants
  • Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 5 High :
Largely Compliant : 8 Substantial :
Partially Compliant : 26 Moderate :
Non-Compliant : 8 Low :
Not-Applicable : 2

A "graylisted" country as of Oct. 19, 2018.

BASEL i

Rank : 83/162
Score : 5.83/10

TRANSPARENCY INTERNATIONAL i

Rank : 178/180
Score : 13/100

Tax Justice Network i

Rank : N/A
Score : N/A