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Mahesh

23/10/22 15:50 PM IST

Pakistan is off FATF’s grey list

In News 
  • Pakistan is off the ‘grey list’ of the Financial Action Task Force (FATF) after four years.
Benefits 
  • Pakistan can receive a reputational boost and get a clean bill of health from the international community on terrorist financing.
  • Increase in overseas investment in the country.
  • Pakistan is no longer subject to FATF's increased monitoring process. 
FATF 
  • The Financial Action Task Force (FATF) is an inter-governmental body established in 1989
  • It is a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in various areas.
  • The FATF Secretariat is housed at the OECD headquarters in Paris
Roles and functions
  • Initially, it was established to examine and develop measures to combat money laundering.
  • In October 2001, the FATF expanded its mandate to incorporate efforts to combat terrorist financing, in addition to money laundering.
  • In April 2012, it added efforts to counter the financing of the proliferation of weapons of mass destruction.
  • Composition: it currently comprises 37 member jurisdictions and 2 regional organisations. It also has observers and associate members.
Black and Grey list 
  • Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist. These countries support terror funding and money laundering activities.
  • Currently, it includes countries like Iran, Myanmar and North Korea.
  • Grey List: Countries that are considered a safe haven for supporting terror funding and money laundering are put on the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.
  • After, Pakistan’s delisting, 23 countries remain under watch including countries like the Philippines, Syria, Yemen, the United Arab Emirates. 
Source- Live Mint

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