Pakistan in the ‘Grey List’ for money laundering and terror financing.
The main purpose of the Financial Action Task Force(FATF) is to set effective implementation to combat money laundering and terror financing of the international financial system. The grey list is also called the “increased monitoring list in which FATF checks countries increased monitoring progress by measuring against terrorism financing and money laundering.
Financial Action Task Force again retained Pakistan in the ‘Grey List’ for money laundering and terror financing. Since June 2018 Pakistan has been on the grey list of the Paris-based Financial Task Force for anti-money laundering, and counter-terror financing, and it affected their import, export, and remittances.
In the 2018 action plan, Pakistan has met with 34 action items, it was announced by FATF on June 2022 in Berlin.
FATF noticed Pakistan 2008 adopted anti-laundering legislation; then in June 2010, Pakistan gave the commitment to work with FATF and the Asian Pacific Group.
In February 2012, FATF’s public statement on Pakistan to all countries was “jurisdiction with strategic deficiency of AML/CFT”. Under its ongoing AML/CFT compliance process Pakistan was removed from the subject of FATF’s monitoring process in June 2015.
The FATF states that Pakistan has taken steps for improving its AML/CFT regime since June 2021, and before the deadline expired it completed the 6 action items. It enhances the impact of sanctions by nominating individuals for UN designation.
United State Emirates (UAE) is also on the ‘grey list’ of global financial watchdogs. FATF said UAE committed to working with him MENAFATF in February 2022 to build up AML/CFT efficacy.
Dr. Marcus Pleyer of the German Presidency saw the 200 members participate from the global network which included International Monitory Fund, and the United Nation. Under the German presidency, FATF also took place in it.
FATF: Financial Action Task Force.
FATF Headquarters: Paris, France.
FATF Founder: Group of Seven.
FATF was Founded in 1989.
FATF President: Marcus Player.
FATF Purpose: Combat Money Laundering and Terrorism Financing.
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