Pakistan has been placed on the grey list by the Financial Action Task Force (FATF) for failing to curb anti-terror financing despite its diplomatic efforts to avert the decision. The decision was taken at the global financial watchdog Financial Action Task Force’s (FATF) plenary session in Paris where Finance Minister Shamshad Akhtar represented Pakistan.
The placement on to grey list will hurt Pakistan’s economy as well as its international standing. Pakistan remained on the FATF grey list from 2012 to 2015. The process began in February 2018 when FATF approved the nomination of Pakistan for monitoring under its International Cooperation Review Group (ICRG) commonly known as Grey List.
Source- DD News
Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
- The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.