20 June, 2022
5 Min Read
Pakistan got a respite from the Financial Action Task Force (FATF) as FATF announced that the country could be removed from the grey list. FATF is going to decide whether to take Pakistan off the ‘grey’ list at the end of its plenary session in Berlin in October.
Pakistan has been on the Financial Action Task Force (FATF) grey list since June 2018.
WHAT IS FATF
Its Secretariat is located at the Organization for Economic Cooperation and Development (OECD) headquarters which is in Paris.
Lists under Financial Action Task Force (FATF):
Countries that are considered a safe haven for supporting terror funding and money laundering are given the Financial Acition Task Force (FATF) grey list.
The inclusion in the grey list serves as a warning to the country that it may enter the blacklist.
Countries that are identified as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist. These countries support terror funding and money laundering activities.
The FATF revises the blacklist and grey list regularly by adding or deleting entries.
Right now, Iran and the Democratic People's Republic of Korea are under High-risk Jurisdiction or black list. It always meets three times a year.
Why Pakistan is on the grey list???
The “grey list” is also known as the “increased monitoring list”.
Countries in Grey List:
IMPACT ON ECONOMY DUE TO GREY LIST
Source: The Hindu
02 March, 2021
4 Min Read
Paris-based 39-member Financial Action Task Force has decided once again to keep Pakistan on its “grey list”.
23 August, 2019
Terror funding watchdog FATF Asia-Pacific Group ‘blacklists’ Pakistan.
What are Financial Action Task Force (FATF)
What are the Black List and Grey List of the FATF?
Countries which are supporting terror funding and money laundering activities are listed in the Black list. The FATF blacklist or OECD blacklist has been issued by the Financial Action Task Force since 2000 and lists countries which it judges to be non-cooperative in the global fight against money laundering and terror funding.
Those countries which are considered as the safe heaven for supporting terror funding and money laundering; included in this list. The inclusion in this list is not as severe as black listed.
Source: The Hindu
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