Pakistan to remain FATF’s ‘Grey List’

Pakistan to remain FATF’s ‘Grey List’

In news:

• The International Co-operation Review Group (ICRG) of the Financial Action Task Force (FATF) recommended that Pakistan be retained on the ‘Grey List’.
• Pakistan was placed on the grey list by the FATF last year for failing to curb anti-terror financing

Why?

• Due to it’s failure to completely implement the 27-point action plan to check terror financing

From Prelims Point Of View:

Financial Action Task Force (FATF)

• Inter-governmental body established in 1989 on the initiative of the G7.
• Secretariat is housed at the OECD headquarters in Paris.
• Generate the necessary political will to bring about national legislative and regulatory reforms in various areas
• to set standards and promote effective implementation of legal, regulatory and operational measures
• Combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.