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Can Pakistan come out of GREY list?

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Can Pakistan come out of GREY list?

Since then, it has been presented with multiple recommendations for compliance. Owing to Pakistan’s failure in fully implementing all the action points, it was once again retained on the ‘grey list’ following the conclusion of the latest FATF plenary on October 21, 2021.

How many votes Pakistan needed to exit from the FATF’s GREY list?

12 votes
Pakistan needs 12 votes out of 39 to exit the “grey” list and move up to join countries that do not require monitoring. To avoid “black” list — a group which includes countries like North Korea that investors generally shun — it needs support of three countries.

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Why has Pakistan not been removed from GREY list?

The Financial Action Task Force (FATF) on Friday retained Pakistan in its “grey list” for failing to adequately investigate and prosecute leaders of UN-designated terror groups, and asked the country to implement a new action plan to tackle serious money laundering risks.

Is Turkey a high risk AML country?

Turkey is among the countries who are aware of the importance of risks and threats of money laundering. Turkey is a country with a high risk of financial crime due to its geographical location.

Which countries are in FATF GREY list?

As of 2019, FATF has blacklisted North Korea and Iran over terror financing. Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

Is Pak a FATF?

Pakistan was added to the grey list in mid-2018 and given a 27-point action plan by FATF to control money laundering and terror financing. FATF said in a statement that Pakistan had made significant progress in addressing its “strategic counter-terrorist financing-related deficiencies”.

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Why Pakistan included in GREY list?

Pakistan was retained on the FATF ‘grey list’ for failing to effectively implement the global FATF standards and over its lack of progress on investigation and prosecution of senior leaders and commanders of UN-designated terror groups.

Why is Turkey added to GREY?

Turkey being added to the grey list strains Turkey’s ties to foreign banks and investors. One of the key concerns from the FATF is the inflow of capital from terrorist groups such as ISIL into the Turkish economy.

Will Pakistan be blacklisted by FATF yet again?

New Delhi: Pakistan didn’t meet all the action points laid out by the Financial Action Task Force (FATF), but avoided getting blacklisted yet again. However, the Paris-based terror financing watchdog kept the country in its ‘grey list’ at its plenary that concluded Friday.

Why was Pakistan kept in FATF’s ‘grey list’?

However, the Paris-based terror financing watchdog kept the country in its ‘grey list’ at its plenary that concluded Friday. The plenary, FATF’s highest decision-making body, will next meet in February 2021 and has given Pakistan time until then to meet all the 27 parameters, especially those that pertain to imposing sanctions on terrorist outfits.

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When will Pakistan be removed from the grey list?

In the October 2020 review, the watchdog said Pakistan “successfully complied with 21 out of 27 points of the action plan but decided to keep the country on its grey list until February 2021.”

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.