Table of Contents
Whats is FATF?
The Financial Action Task Force (FATF) is an inter-governmental policymaking body whose purpose is to establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.
What is FATF issue in Pakistan?
Pakistan was ‘grey listed’ in June 2018, after the FATF found multiple strategic anti-money laundering (AML)/combating the financing of terrorism (CFT) deficiencies on its part. It was asked to implement the action plan for achieving 10 objectives.
What is FATF decision about Pakistan?
Pakistan has been hit with massive losses to its GDP worth $38 billion because of the Financial Action Task Force’s (FATF) decision to retain the country on its grey list since 2008, according to a research paper published by the Islamabad-based independed think-tank, Tabadlab.
What is FATF and its history?
The Financial Action Task Force (FATF) was established in July 1989 by a Group of Seven (G-7) Summit in Paris, initially to examine and develop measures to combat money laundering. Click here to see the Economic Declaration from that G-7 Summit.
Are FATF decisions binding?
4. The FATF Recommendations/ FATF Standards. The Financial Action Task Force issues legally non-binding recommendations to its member countries that act as guidelines which they are expected to enforce.
What does FATF Greylist mean?
When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.
Why Pakistan is not member of FATF?
At the end of the five-day plenary of the FATF Friday, the 39-member intergovernmental body came out with its final assessment, finding that Pakistan still lacks effective measures in controlling terror-financing and money-laundering, which falls under the category of anti-money laundering and countering the financing …
Is Pak out of FATF?
The Financial Action Task Force (FATF) on Thursday retained Pakistan in its grey list and urged the country to do more to investigate and prosecute senior leaders and commanders of UN-designated terror groups involved in terror financing.
What is FATF Greylist?
Is Pak member of FATF?
Pakistan is not a member state of FATF: instead, it is a FATF Associate Member of the Asia/Pacific Group on Money Laundering (APG).
Who runs FATF?
Marcus Pleyer of Germany assumed the position of President of the FATF on 1 July 2020. He succeeded Xiangmin Liu of the People’s Republic of China. Dr.