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Pakistan remains in FATF ‘grey list’ for terror financing, money laundering

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Pakistan will continue to be on the “Grey List” of countries under increased monitoring of the Financial Action Task Force (FATF), from the global money-laundering and terror-financing watchdog. Pakistan has been on the grey list of the Paris-based Financial Action Task Force (FATF) since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.

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Key points:

  • Since then, the country continues to be on that list due to its failure to comply with the FATF mandates. The concluding session of the plenary meeting of the FATF is due and includes Pakistan’s review on the agenda.
  • Pakistan is now targeting the full completion of the 2021 action plan on anti-money laundering and combating terror financing by the end of January 2023.
  • In October 2021, the FATF acknowledged Pakistan’s progress on a 27-point action plan on completion of 26 items but kept the country on its increased monitoring list to exhibit terror financing investigations against and prosecutions of top cadres of UN-designated terror groups.
  • Pakistan had to complete two concurrent action plans with a total of 34 items.

Important takeaways for all competitive exams:

  • FATF Headquarters: Paris, France;
  • FATF President: Marcus Pleyer;
  • FATF Purpose: Combat money laundering and terrorism financing;
  • FATF Founded: 1989.

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