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Sri Lanka removed from FATF’s Grey List: 21.10.2019

Points to Remember:

  • Sri Lanka has been removed from the “Grey List” of the international terror financing watchdog FATF.
  • The island nation will no longer be subject to the Financial Action Task Force’s monitoring under its on-going global anti-money laundering and countering the financing of terrorism (AML/CFT) compliance process
  • The FATF said Sri Lanka made significant progress in addressing the strategic AML/CFT deficiencies identified earlier
  • At its meeting at Buenos Aires, Argentina in October 2017, the FATF listed Sri Lanka as a jurisdiction with strategic AML/CFT deficiencies which is more commonly identified as “Grey List” and provided a time-bound action plan
  • The FATF warned Pakistan of getting blacklisted, if it does not control terror funding by February next year.

About FATF (Financial Action Task Force):

  • Formation: 1989
  • Type: Intergovernmental organization
  • Purpose: Combat money laundering and terrorism financing
  • Headquarters: Paris, France
  • President: Xiangmin Liu
Important Possible questions based on above News:
  1. Which country has been removed from the “Grey List” of the international terror financing watchdog FATF? Sri Lanka
  2. What does FATF stands for? Financial Action Task Force

 

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