FATF : KNOW CURRENT NEWS AND FACTS ABOUT IT

 EDUCATIONAL FACT


                  Financial Action Task Force (FATF)





Recently , FATF decided to keep Pakistan in the " grey list " till the next review of its compliance  with the recommendations  made in February next year (2021) . the decision by the Paris - based watchdog , the Financial Action Task Force . 

Why the Pakistan keep remains in grey list ?

 Turkey was the only country in the 39-member FATF to push for Pakistan to be let off but China , Saudi Arabia and Malaysia did not support it . Pakistan has made progress across all action plan items and has now  largely addressed 21 of 27 action plan item but as all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021.  

key point on which Pakistan failed to deliver

  • Lack of action against charitable organizations linked to terror groups banned by the UN Security council 
  • delays in the prosecution of banned individuals such as Hafiz Saeed , Zaki Ur  Rahman Lakhvi and Masood Azhar 
Non -compliance in cracking down on terror financing through narcotics and smuggling of mining products ,including precious stones 

Impact on Pakistan ; 

  • By remaining in the grey list it would be difficult to Pakistan  to get financial aid from the international monetary fund (IMF) ,World bank and European union , making its financial  condition more precarious .                                                                                                                     however , there are no immediate implications for the recent $6 billion loan negotiated with the IMF that is to be disbursed over the next three years
  • The country is facing a number of economic challenges with its economy expected to grow at 3.3 % in 2019 and 2.6% in 2020 , according to IMF .
  • Inflation is set to touch 7.3% in 2019 ,up from 3.9% in 2018 and rise to 13% in 2020. 
  • Fiscal deficit is projected at 7.1% of GDP in 2020 , the highest in the last seven years 

Important facts of FATF: -

  • Financial action task force 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.
  • main purpose to combat money laundering and terrorism financing 
  • its headquarter in Paris, France .
  • There are 39 members in this organization , the official language are English & French .
  • The current President is XiangminLiu .
FATF has two lists:-

1. Grey list : those countries supporting terror funding and money laundering are put in the FAFT grey list . this inclusion serves as a warning to the country that it may enter the blacklist

2. Black list : countries known as Non -Cooperative countries or territories (NCCTS) are put in black list . the FATF revises the blacklist regularly, adding or deleting entries .

At  present two countries ( North Korea and Iran ) are under black list of FATF  and Sri lanka has been removed from grey list in recent.


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