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Will Pakistan be blacklisted by FATF?

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Will Pakistan be blacklisted by FATF?

New Delhi: The Financial Action Task Force (FATF) announced Thursday that Pakistan will remain on its ‘grey list’, where it has been since 2018, and will now be joined by Turkey. This means increased monitoring on money laundering, terror financing and proliferation financing for these countries.

What happens if a country is Greylisted by FATF?

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.

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How does FATF effect 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.

Is Turkey in GREY list?

The just-concluded plenary of the FATF has seen Turkey being placed on the ‘grey list’, with a stark warning that the ‘FATF continues to monitor Turkey’s oversight of the NPO sector. Turkey is urged to apply the risk-based approach to supervision of NPOs in line with the FATF Standards. ‘

Is Pakistan is in GREY list?

Pakistan has been on the Paris-based FATF’s grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018. Moreover, three other countries are onto the FATF list: Jordan, Mali and Turkey. They have all agreed on an action plan with the FATF.

Is Pakistan a member of FATF?

FATF is an inter-governmental organisation that was established in 1989 and comprises 35 member states, the European Commission and the Gulf Cooperation Council. Pakistan is not a member state of FATF: instead, it is a FATF Associate Member of the Asia/Pacific Group on Money Laundering (APG).

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Why was Pakistan put in FATF 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.

Which countries are in FATF blacklist?

As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran….FATF Blacklisting reports

  • Bahamas.
  • Cayman Islands.
  • Cook Islands.
  • Israel.
  • Lebanon.
  • United States of America.
  • Marshall Islands.
  • Nauru.

Who controls FATF?

Financial Action Task Force

Abbreviation FATF
Region served Europe
Membership 38
Official language English, French
President Marcus Pleyer

Is Pakistan a high risk country?

Pakistan is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes. Pakistan’s geographic location and porous borders with Afghanistan, Iran, and China make it vulnerable to narcotics and contraband smuggling.

Why was Turkey added to FATF?

The FATF statement said Turkey has made a “high-level political commitment to work with the FATF to strengthen the effectiveness of its AML/CFT regime”.

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Is Pakistan making progress on FATF-related issues?

In June 2021, RSIL – one of the largest legal think-tanks in Pakistan – published a detailed report on Pakistan’s FATF-related progress.

What are the economic implications of FATF grey list?

Economic implications of FATF grey list Being on the FATF grey list means the country will face enhanced monitoring procedures. Although there are no direct economic implications, the listing has affected several sectors.

Is Pakistan’s TF/ml investigation and prosecution as stringent as other countries?

When compared with countries such as Iceland, Bangladesh, Bhutan that exited the grey list, the report found that “FATF’s scrutiny on the status of Pakistan’s TF/ML investigation and prosecution was nowhere near as stringent for the other countries.”

How is Pakistan dealing with money laundering and terror financing?

Pakistan has enacted 17 laws against money laundering and terror financing and initiated several legislative amendments during the last two years to comply with FATF criteria.