Question: Consider the following statements:
(1) Pakistan has been kept in Grey List by Financial Action Task Force.
(2) Financial Action task Force is a global watchdog to tackle money laundering and terror financing.
Of the above correct statement/s is/are:
(a) Only 1
(b) Only 2
(c) Both 1&2
(d) None of the above
Answer: (c)
Related facts:
- Pakistan has been continued to be kept in Grey List by the Financial Action task Force (FATF).
- This continuance has been carried for lagging behind the six key mandates out of the 27.
- The FATF strongly urged Pakistan to swiftly complete its full action plan by February 2021.
- Pakistan was put in Grey list in a plenary meeting of FATF held in 2018.
- Pakistan was provided with 27 point-action plans to curb the intense money laundering and terror funding prevalent.
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.
By-Amar Mani Upadhyay