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FATF decides to keep Pakistan on grey list till next review

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Ground Report | New Delhi: FATF decides to keep Pakistan on grey list; The Financial Action Task Force (FATF), which monitors measures to curb terrorist financing, has decided to keep Pakistan on the grey list until its next review. The FATF meeting, which has been going on since June 20, ended on Friday with a decision on Pakistan.

The FATF has removed only one country, the African state of Ghana, from the grey list at its current meeting. The FATF praised Ghana’s progress, saying it had made significant progress in combating money laundering and terrorist financing.

What is FATF?

The Financial Action Task Force (FATF) is a global organization established in Paris in 1989 by the G7 Summit, with the primary goal of preventing global money laundering. However, in 2011 its mandate was extended and its objectives were raised.

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These goals were to protect the international financial system from terrorism, money laundering and other such threats, and to take appropriate legal, regulatory and practical measures in this regard. The 38 members of the organization include the United States, Britain, China and India, while Pakistan is not a member. The organization meets every four months, three times a year, to see how well its recommendations have been implemented.

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FATF decides to keep Pakistan on grey list; What is grey list and a blacklist?

The Financial Action Task Force generally oversees and enforces anti-money laundering and terrorist financing laws. Countries that have problems with their laws and enforcement are identified. Although the FATF itself does not impose sanctions on any country, FATF member states can also impose economic sanctions on violating countries.

Earlier, in a meeting held in February this year, Pakistan was given a four-month respite and a report released by the FATF at the time said that Pakistan needed to do more in three areas (FATF decides to keep Pakistan).

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These areas include (1) imposing financial sanctions on designated extremists or those who are working for or in their place, (2) investigating and prosecuting those who finance terrorists and Targeting the institutions that are working in their place, and (3) taking action against terrorist financing in the form of proportional or complete sanctions. It should be noted that Pakistan was put on the grey list by the FATF in June 2018.

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Since then, Pakistan has introduced a number of laws to meet the requirements of the FATF. These laws include amendments to anti-money laundering laws, amendments to the anti-terrorism law, the Waqf Properties Act, the Mutual Legal Assistance Act and 14 federal and three provincial laws.

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