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Pakistan to Remain in FATF ‘grey list’
Why it is in news?
- Pakistan received another extension on the “greylist”, as the Financial Action Task Force (FATF) plenary session on Wednesday decided to continue to keep all countries that were on the list under scrutiny for Terror Financing and Money Laundering until October 2020.
About Financial Action Task Force:
- It is the global money laundering and terrorist financing watchdog.
- The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
- As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
- The FATF has developed the FATFRecommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
- The FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks, such as the regulation of virtual assets, which have spread as cryptocurrencies gain popularity.
- The FATF monitors countries to ensure they implement the FATF Standards fully and effectively, and holds countries to account that do not comply.