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:
- Which country has been removed from the “Grey List” of the international terror financing watchdog FATF? Sri Lanka
- What does FATF stands for? Financial Action Task Force