Question: Which Southeast Asian country has been recently included in FATF Grey List?
(a) Brunei
(b) Cambodia
(c) Timor-Leste
(d) Philippines
Answer: (d)
Related facts:
- Philippines has been included in the grey list of the Financial Action Task Force (FATF).
- In addition to the Philippines, Haiti, Malta, and South Sudan have also been added to the grey list.
- Now, these jurisdictions will be required to submit progress reports to the FATF thrice a year.
- The Philippines was removed from the blacklist of FATF in 2005. It was previously included in FATF’s blacklist in 2000.
- FATF has removed Ghana from its increased monitoring process(Grey List).
About FATF:
- The Financial Action task Force (FATF) is a global watchdog .It was established by G7 countries in 1989 to curb the money laundering.
- However it included tackling terror financing its objective after the 9/11 attacks.
- It maintains two list-Black and Grey.
- Till now,only two countries Iran and North Korea have been blacklisted.
- Currently, total 39 countries are members of FATF.
- India became the member of FATF in 2010.