FATF Grey-List and Pakistan
What is FATF? FATF stands for Financial Action Task Force . It is an intra-governmental organization made to prevent money-laundering and terror financing globally. Members: FATF comprises 37 member jurisdictions and two organizations including Australia, Europe, France, Malaysia, Turkey, Saudi Arabia, India, Israel and China etc. Grey List: FATF releases its GRAY LIST officially as “Jurisdiction under increased monitoring” . It is a list of countries which FATF considers to be at higher risk of money laundering and terrorism financing but are committed to implement action plans to resolve AML/CFT issues. Grey-list has limited disadvantages but it could result in serious conseqences for developing countries. Black List: FATF black list referred to as “High-Risk Jurisdictions subject to a Call for Action” . It is a list of countries which are found to be non-cooperative and deficient in meeting global AMT/CFT standards. Countries in the black-list could face imposed sancti...