Points to Remember:
- The FATF Asia-Pacific Group on Money Laundering and Terror Financing has put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards
- The Asia Pacific Group (APG) of the Financial Action Task Force (FATF) has also found that Pakistan was non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.
- The FATF APG meeting was held in Canberra, Australia and the discussions lasted over seven hours over two days.
- On 11 effectiveness parameters of terror financing and money laundering, Pakistan was adjudged as low on 10. The official said despite its efforts, Pakistan could not convince the 41-member plenary to upgrade it on any parameter.
- Now, Pakistan has to focus on avoiding the blacklist in October, when the 15-month timeline ends on the FATF’s 27-point action plan.
About Pakistan (Static GA/GK Important for RRB NTPC/IBPS RRB Mains 2019) :
- Capital: Islamabad
- President: Arif Alvi
- Prime Minister: Imran Khan
- Currency: Pakistani rupee
About FATF (Static GA/GK Important for RRB NTPC/IBPS RRB Mains 2019) :
- The Financial Action Task Force (on Money Laundering) (FATF) is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
- In 2001 its mandate expanded to include terrorism financing.
- Headquarters: Paris, France
- President: Xiangmin Liu
Important Possible questions based on above News:
- Which countrty has been placed on the blacklist of the Financial Action Task Force’s Asia Pacific Group recently?Pakistan
- Who is the current President of Pakistan? Arif Alvi
- Who is the current President of Financial Action Task Force? Xiangmin Liu