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Pakistan again placed on FATF’s grey list

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The global money laundering and terrorist financing watchdog, Financial Action Task Force (FATF), retained Pakistan in the grey list and asked the country to work on money laundering investigations and prosecutions. FATF also added the United Arab Emirates (UAE) to its grey watchlist.

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The decision has been taken after the conclusion of the four-day FATF Plenary from March 1-4, 2022. The event took place in hybrid mode from Paris, France. Pakistan has been on the grey list of FATF since June 2018 for failing to check money laundering and terror financing. It was given a plan of action to complete it by October 2019 but it fails to comply with the FATF mandates.

What is FATF grey list?

  • FATF grey list is the list in which jurisdictions under increased monitoring are placed. If a jurisdiction is placed under increased monitoring, this means that jurisdiction is committed to resolving strategic deficiencies within agreed timeframes.
  • Jurisdictions under the FATF grey list actively work with FATF to address strategic deficiencies in their regime to fight against money laundering and terrorist financing.

Important takeaways for all competitive exams:

  • FATF Founded: 1989;
  • FATF Members: 39;
  • FATF Headquarters: Paris, France;
  • FATF President: T Raja Kumar (Singapore).

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