Why was Pakistan placed on the GREY list of FATF?
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Why was Pakistan placed on the GREY list of FATF?
Why was Pakistan retained in the ‘grey list’? Pakistan was ‘grey listed’ in June 2018, after the FATF found multiple strategic anti-money laundering (AML)/combating the financing of terrorism (CFT) deficiencies on its part. It was asked to implement the action plan for achieving 10 objectives.
What does it mean to be on FATF GREY list?
increased monitoring
When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.
Why has Pakistan not been removed from GREY list?
The Financial Action Task Force (FATF) on Friday retained Pakistan in its “grey list” for failing to adequately investigate and prosecute leaders of UN-designated terror groups, and asked the country to implement a new action plan to tackle serious money laundering risks.
When did Pakistan Add FATF GREY?
2018
Pakistan was added to the grey list in mid-2018 and given a 27-point action plan by FATF to control money laundering and terror financing.
What is FATF and its purpose?
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
When was Pakistan added to GREY list?
What is FATF CSS?
Financial Action Task Force (FATF) is an important topic to understand for Current Affairs and International relations subjects. It is asked in CSS and PMS exam from different angles. If you grasp the basics, then it would be easier to comprehend the international affairs with bigger picture.
What is FATF Pakistan?
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
Why is FATF important for Pakistan?
“The FATF encourages Pakistan to continue to make progress to address as soon as possible the one remaining CFT-related item by demonstrating that TF investigations and prosecutions target senior leaders and commanders of UN-designated terrorist groups.”
How many countries are in GREY list of FATF?
21 countries
Their transactions on the international level are closely monitored and thoroughly scrutinized. Some countries may also stop economic relations with a greylisted country. As of November 2021, the following 21 countries are on the FATF grey list.