Why Pakistan is not in FATF blacklist?
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Why Pakistan is not in FATF blacklist?
Pakistan has escaped being blacklisted due to the support from China, Malaysia and Turkey. In the 39-member FATF, it requires the support of at least three countries to avoid being blacklisted for terror financing and money laundering.
Is India blacklisted by FATF?
Since then, it had been working towards full-fledged membership. On June 25, 2010 India was taken in as the 34th country member of FATF. FATF’s role in combating terror financing became prominent after the 9/11 terror attacks in the US. As of 2019, FATF has blacklisted North Korea and Iran over terror financing.
What happened to Pakistan in 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.
Who controls money laundering in India?
The Enforcement Directorate in the Department of Revenue, Ministry of Finance, the Government of India is responsible for investigating the offences of money laundering under the PMLA.
Which countries are blacklisted by FATF?
As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran….High-risk and non-cooperative countries, not committed to an action plan:
- Bolivia.
- Cuba.
- Ethiopia.
- Ghana.
- Indonesia.
- Kenya.
- Myanmar.
- Nigeria.
Which countries are in blacklist?
What is GREY list countries?
Countries in the FATF ‘Grey List’:
- Albania.
- Barbados.
- Burkina Faso.
- Cambodia.
- Cayman Islands.
- Haiti.
- Jamaica.
- Jordan.
Is money laundering illegal in India?
Prevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted by the NDA government to prevent money-laundering and to provide for confiscation of property derived from money-laundering….Prevention of Money Laundering Act, 2002.
| The Prevention of Money Laundering Act, 2002 | |
|---|---|
| Assented to | 17 January 2003 |
| Commenced | 1 July 2005 |
| Amended by |