Pakistan is off FATF's Grey List

Pakistan was recently removed from the Financial Action Task Force (FATF), the global watchdog on terror financing and money laundering.
Pakistan has been on the FATF grey list since June 2018.

About

FATF decided unanimously that Pakistan had met all substantial, technical, and procedural requirements of both the 2018 and 2021 action plans, and as a result, Pakistan was removed from the list of jurisdictions subject to increased monitoring with immediate effect.

About Financial Action Task Force (FATF)

It was established in 1989 at the G7 Summit in Paris.
Aim: To close gaps in the global financial system after member countries expressed concern about increased money laundering.
The FATF currently consists of 39 members. India is a member of the organisation.
The FATF's decision-making body, known as its plenary, meets three times a year.
Its meetings are attended by 206 countries, including members and observer organizations such as the World Bank, some United Nations offices, and regional development banks.
The FATF establishes standards or recommendations for countries to follow in order to plug gaps in their financial systems and reduce their vulnerability to illegal financial activities.
Time-bound action plans are developed for countries that do not meet certain standards.
Recommendations for countries range from assessing crime risks to establishing legislative, investigative, and judicial mechanisms to pursue money laundering and terror funding cases.

The FATF's "grey" and "black" lists:

FATF issues two lists of countries at the conclusion of each plenary meeting.

The grey countries have been designated as "jurisdictions under increased monitoring," and they are collaborating with the FATF to combat criminal financial activities.
For such countries, the watchdog advises other members not to conduct due diligence on the listed country, but rather to consider the risks such countries pose.
The term "black list" refers to countries designated as "high-risk jurisdictions subject to call for action."
North Korea and Iran are currently on the list.
Being on the FATF's list makes it difficult for countries to receive aid from organisations such as the International Monetary Fund (IMF), Asian Development Bank (ADB), and the European Union. It may also have an impact on capital inflows, FDI, and portfolio flows.

Source: The Hindu

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