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Pakistan retained on ‘grey list’ and Iran in ‘black list’ of FATF

Part of: GS Prelims –Polity and GS-II- International organization

In news:

Pakistan has been retained on the ‘grey list’ of the Financial Action Task Force (FATF)
To complete the 27-point action plan it has been given by June 2020 or face being put on the ‘black list’
FATF placed Iran on its blacklist after it failed to comply with international anti-terrorism financing norms, a move that will deepen the country’s isolation from financial markets.

FATF summary report states that Pakistan must work on eight specific areas:

Identifying and investigating ”terror-financing activities
Freezing the funds of all designated terrorists
“effective, proportionate and dissuasive sanctions” against all terror entities

Daily Current Affairs IAS | UPSC Prelims and Mains Exam – 22nd February 2020

Daily Current Affairs IAS | UPSC Prelims and Mains Exam – 22nd February 2020

Source: The Hindu

From Prelims Point of View:

Financial Action Task Force (FATF)

Inter-governmental body
Established in 1989 during the G7 Summit
Secretariat is located at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris.
Works to set standards and promote effective implementation of legal, regulatory and operational measures
Combats money laundering, terrorist financing ,related threats to the integrity of the international financial system.

Grey list : A country is put on the grey list when it fails to curb terrorism financing and money laundering

Blacklist : Putting a country on the blacklist means shutting all doors to international finance for that country.

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