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World Affairs
Pradeep Kumar

22/10/21 10:30 AM IST

Turkey placed on FATF grey list

In news

Financial Action Task Force (FATF) placed Turkey on its grey list for failing to check terror financing and retained Pakistan as well.

Highlights
  • Overall, three countries were added to the grey list this time- Jordan, Mali and Turkey. 
  • Pakistan will remain on the grey list till it addresses all items on the original action plan agreed to in June 2018 along with all items on a parallel action plan handed out by the watchdog's regional partner - the Asia Pacific Group (APG) - in 2019.
  • Two countries- Botswana and Mauritius were removed from the grey list after both the nations showed high-level commitment to implement reforms to improve their anti-money laundering and counter-terrorism finances.
Financial Action Task Force
  • The Financial Action Task Force was set up in 1989, during the G7 Summit in Paris, as an inter-governmental body. 
  • The task force aims to set international standards for combating money laundering and terror financing. 
  • The FATF Plenary is the main decision-making body of the Financial Action Task Force. 
  • The Financial Action Task Force comprises over 39 member countries including India. 
Source: The Hindu

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