What is FATF GREY list and how it impacts Pakistan?

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 is the impact of FATF on Pakistan?

Pakistan has been hit with massive losses to its GDP worth $38 billion because of the Financial Action Task Force’s (FATF) decision to retain the country on its grey list since 2008, according to a research paper published by the Islamabad-based independed think-tank, Tabadlab.

What are the consequences of FATF GREY list?

The research paper titled “Bearing the cost of global politics — the impact of FATF grey-listing on Pakistan’s economy” stated that that grey-listing events spanning from 2008 to 2019, may have resulted in total GDP losses worth $38 billion.

What is GREY list and blacklist How are countries in the list affected?

The FATF revises the blacklist regularly, adding or deleting entries. b. Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.

What is the impact of FATF grey list on Pakistan’s GDP?

Pakistan has been hit with massive losses to its GDP worth $38 billion because of the Financial Action Task Force’s (FATF) decision to retain the country on its grey list since 2008, according to a research paper published by the Islamabad-based independent think-tank, Tabadlab.

Will FATF and price rise impact Pakistan?

For Beggars, FATF and Price rise and increasing Inflation have no IMPACT. 2470 more points needed to reach next level. Let us not waste time in discussing the colour of the list that that Pakistan would be put in. Whatever is the colour, it will not impact Pakistan.

Is Pakistan ready to implement FATF action plan 2021?

After a three-day plenary, FATF announced on Friday (October 23) that Pakistan remained on the ‘grey list’ and had time till February 2021 to fully implement the “Action Plan’. Out of the 27 action points, Pakistan has, so far, fully met the standards of 21 points.

What does it mean when a country is greylisted by fatfatf?

FATF grey lists a country which it considers as a safe haven for terror funding and money laundering. Though, inclusion in the list is not as severe as being black listed. It is a warning to the country to tackle the issues. If the country is not actively tackling money laundering or terror funding, it is then blacklisted.