Sign In
Learn bits
World Affairs
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

More Related Current Affairs View All

05 May

Key objectives of caste count

'The Union Cabinet has decided that the next Census will include questions on caste to its enumeration of India’s population, for the first time in almost a century. ' T

Read More

05 May

2 new genome-edited rice varieties

'Agriculture Minister Shivraj Singh Chouhan recently released two genome-edited varieties of rice, the first achievement of its kind in the country.' These two varieties, which

Read More

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps