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Pradeep Kumar

11/05/21 10:40 AM IST

Pakistan to set new rules to meet FATF requirements

In news

Pakistan, keen to exit from the grey list of the FATF, is set to introduce new rules relating to anti-money laundering cases and change the prosecution process to meet its remaining tough conditions.

Background
  • Pakistan was put on the grey list by the Paris-based Financial Action Task Force (FATF), the global watchdog for money laundering and terror financing in June 2018 and the country has been struggling to come out of it.
Changes
  • The changes being made also include the transfer of investigations and prosecution of anti-money laundering (AML) cases from police, provincial anticorruption establishments (ACEs) and other similar agencies to specialised agencies.
FATF
  • The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
  • The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. 
  • As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
Source: The Hindu

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