FATF

After four years, Pakistan has been taken off from the infamous grey list of FATF, the global watchdog on terror financing and money laundering, in the wake ...

A 15-member joint delegation of the FATF and its Sydney-based regional affiliate -- Asia Pacific Group-- paid an onsite visit to Pakistan from August 29 to September 2 to verify the country’s compliance with the 34-point action plan committed with the FATF. In 2018, the FATF had found Pakistan's deficiencies in its legal, financial, regulatory, investigation, prosecution, judicial and non-government sectors to fight money laundering and combat terror financing, which are considered serious threats to the global financial system. Kumar said there has been significant progress on the part of Pakistan to combat financial terrorism and money laundering which resulted Pakistan being taken off from the increased monitoring mechanism or the grey list. The team went down to Pakistan and found the high level political commitment of Pakistan not only act to combat financial terrorism and money laundering but ensuring reforms and strengthen the system," he said. In a statement, the Financial Action Task Force (FATF) said it welcomes Pakistan's significant progress in improving its anti-money laundering, and combating financial terrorism (AML/CFT) regime. Significantly, for the first time, the FATF put Myanmar in the "high-risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.

The decision came after 4 years of efforts on curbing terror financing, 34 point action plan.

Pakistan’s removal from the list was announced after a consensus decision of all 39-members, including India to accept the review of Pakistan’s efforts on strengthening its anti money laundering and combating terror financing (AML/CFT) mechanisms. Among the action plan tasks were that Pakistan align its laws to international laws on AML/CFT and pursue UNSC banned terrorists, including the prosecution of a number of terror groups and leaders including the Lashkar e Toiba’s (LeT’s) Hafiz Saeed, 26/11 handler Sajid Mir, commander Zaki Ur Rahman Lakhvi and others. Reacting to the decision, the Ministry of External Affairs said that Pakistan must continue to take “credible, verifiable, irreversible and sustainable” action against terror groups on its soil.

“Despite the majority of countries identifying drug trafficking as a major predicate offence for money laundering, and the growing number of incidents leading ...

Across Asia also, more countries are also reporting growing numbers of cases,” said FATF. In a statement, FATF said it was working on assisting law enforcement and other authorities in conducting financial investigations into the growing illicit trade in fentanyl and other synthetic opioids more effectively. The Financial Action Task Force (FATF) has today announced it will be publishing a report on the impact of illicit proceeds generated from Fentanyl and related synthetic Opioids.

FATF, comprising 39 members, is the global money laundering and terrorist financing watchdog. It sets international standards to prevent illegal activities, ...

In June this year, FATF found Pakistan compliant or largely compliant on all 34 points and fielded an onsite mission to verify before announcing its exit from the grey list. It was included in the increased monitoring list for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sectors, the Dawn newspaper reported. Grey List: The FATF grey list comprises countries considered safe havens for supporting terror funding and money laundering. Pakistan is now off the "grey" list of the Financial Action Task Force (FATF) after four years of being on it. It holds countries to account that does not comply with its recommendation or standards. It sets international standards to prevent illegal activities, including illegal drugs, human trafficking and other crimes.

India's external affairs ministry spokesperson Arindam Bagchi noted that Pakistan will have to continue working with FATF's Asia Pacific Group (APG) to ...

Kumar also announced steps by the FATF that he said would effectively “sideline” Russia as a member of the watchdog in view of its aggression in Ukraine. FATF president Kumar said an onsite inspection by a FATF team that visited Pakistan at the end of August had established that the country had “largely addressed” all of the 34 action items. “The team verified both the sustainability of Pakistan’s reforms and, importantly, its commitment to continue to make improvements into the future. “As a result of FATF scrutiny, Pakistan has been forced to take some action against well-known terrorists, including those involved in attacks against the entire international community in Mumbai on 26/11,” he said. The reforms carried out by Islamabad were good for the security and stability of Pakistan and the region, he said. Pakistan was given two action plans with 34 action items to strengthen its ability to counter both fund-raising by terrorists and money laundering.

The plenary session of the Financial Action Task Force (FATF), global anti-money laundering and terrorism financing watchdog, was held in Paris on October 20-21 ...

Earlier, in a meeting held in June, FATF had said that it was keeping Pakistan on the ‘increased monitoring list’, also known as the ‘grey list’, but said it might be removed after an on-site visit to verify progress. Such monitoring is removed when a country exits the ‘grey list’. Pakistan had been hopeful that its name will be removed from the grey list; it was put in the grey list in 2018 and was given an action plan to implement 27 points, but later it was asked to implement seven more points.

YANGON/TAIPEI -- In another setback to the Myanmar military's minimal credibility, an international watchdog has placed Myanmar on its blacklist for t.

The Financial Action Task Force puts Myanmar alongside North Korea and Iran as outcasts of the global financial system.

“Russia’s actions continue to violate FATFs core principles, which aim to promote security, safety and the integrity of the financial system,” the FATF said. “Congratulations to the people of Pakistan,” Foreign Minister Bilawal Bhutto Zardari tweeted. Citing a “continued lack of progress” and the fact the majority of the actions Myanmar had promised to take had not been completed more than a year after a deadline, the FATF put the country on the so-called blacklist.

Paris [France], October 22 (ANI): Money laundering and terrorist financing watchdog Financial Action Task Force (FATF) has put Myanmar on the "black list" ...

FATF called on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risk arising from Myanmar. The FATF urged Myanmar to work to fully address its deficiencies and Myanmar will remain on the list of countries subject to a call for action until its full action plan is completed. In June 2022, the FATF strongly urged Myanmar to swiftly complete its action plan by October 2022 or the FATF would call on its members and urge all jurisdictions to apply enhanced due diligence to business relations and transactions with Myanmar.

Following being placed on the grey list by the Paris-based global watchdog on money laundering and terrorist financing in June 2018, it was given a plan of ...

It is in global interest that the world remains clear that Pakistan must continue to take credible, verifiable, irreversible and sustained action against terrorism and terrorist financing emanating from territories under its control," spokesperson said. We understand that Pakistan will continue to work with the Asia Pacific Group on Money Laundering to further improve its Anti-Money Laundering/Counter Terror Financing system," MEA spokesperson said. Pakistan had lobbied hard with the west, especially the US, to exit the FATF grey list.

The Financial Action Task Force (FATF) is commonly referred to as the world's “terrorism financing watchdog”, which means it is the author — and custodian — of ...

The Pakistani economy is in dire straits, and in desperate need of help and investment. FATF maintains a “grey list” of countries that it watches closely. FATF calls these countries “jurisdictions under increased monitoring”. After it (along with Nicaragua) was taken off the list, 23 countries remain under watch. On October 21, the FATF announced that “Pakistan has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its action plans regarding strategic deficiencies that the FATF identified in June 2018 and June 2021, the latter of which was completed in advance of the deadlines, encompassing 34 action items in total.” The Financial Action Task Force (FATF) is commonly referred to as the world’s “terrorism financing watchdog”, which means it is the author — and custodian — of an international regime that works to ensure that the flows of money in the global financial system are not misused to fund terrorist activities.

Myanmar was added on Friday to a global financial blacklist while Russia was sidelined by the international money-laundering watchdog FATF.The move by the.

[Pakistan were taken off the FATF’s grey list](https://english.alarabiya.net/News/world/2022/10/21/Pakistan-delights-after-being-dropped-from-money-watchlist) of countries subject to increased monitoring of financial transactions. “Russia’s actions continue to violate FATFs core principles, which aim to promote security, safety and the integrity of the financial system,” the FATF said. Citing a “continued lack of progress” and the fact the majority of the actions Myanmar had promised to take had not been completed more than a year after a deadline, the FATF put the country on the so-called blacklist.

Money laundering and terrorist financing watchdog FATF has put Myanmar on the "black list" and has called on members to apply enhanced due diligence to ...

FATF called on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risk arising from Myanmar. The [FATF](/about/what-is-fatf) blacklist, officially designated as High-Risk Jurisdictions subject to a Call for Action, identifies nations with weak anti-money laundering and counter-terrorist funding regulatory frameworks. [Myanmar](/topic/myanmar) on the "black list" and has called on members to apply enhanced due diligence to business relations and transactions in [Myanmar](/topic/myanmar). [ Business Standard App ](https://www.business-standard.com/apps) for latest [Business News](https://www.business-standard.com/) and [ Market News ](https://www.business-standard.com/markets). [FATF](/about/what-is-fatf) strongly urged Myanmar to swiftly complete its action plan by October 2022 or the [FATF](/about/what-is-fatf) would call on its members and urge all jurisdictions to apply enhanced due diligence to business relations and transactions with Myanmar. The FATF urged Myanmar to work to fully address its deficiencies and Myanmar will remain on the list of countries subject to a call for action until its full action plan is completed.

The Financial Action Task Force added Myanmar to a group of high-risk countries, known as the 'black list,' citing its failure to make enough progress in ...

PARIS – The Financial Action Task Force (FATF) added Myanmar to a group of high-risk countries, known as the blacklist, citing its failure to make enough ...

The inclusion means entities and individuals in Myanmar will face enhanced due diligence from global financial institutions. Myanmar is already under a range of punitive measures. Raja Kumar, following the decision.

The Paris-based Financial Action Task Force (FATF), the global watchdog on terror financing and money laundering, on Friday removed Pakistan from a list of ...

As the country struggled to fulfill its obligations, another action place was given in June 2021. It said in a statement that it welcomes Pakistan's significant progress in improving its anti-money laundering and counter-terrorist financing (AML/CFT) regime as it has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its action plans. [Pakistan](/topic/pakistan)has formally responded to the [FATF](/topic/fatf)'s decision to remove it from its grey list, saying the country's engagement with the global watchdog has led to strategic improvements in its laws and procedures and made its domestic anti-terror financing and [money laundering](/definition/money-laundering)regime more resilient.

The Monetary Authority of Singapore said last year banks under its jurisdiction don't hold “significant funds” from Myanmar companies and individuals.

The inclusion means entities and individuals in Myanmar will face enhanced due diligence from global financial institutions. Myanmar is already under a range of punitive measures. Raja Kumar, following the decision.

FATF list: Myanmar joins North Korea and Iran, which have been on the high-risk list since 2020. | World News.

The Monetary Authority of Singapore said last year banks under its jurisdiction don’t hold “significant funds” from Myanmar companies and individuals. The inclusion means entities and individuals in Myanmar will face enhanced due diligence from global financial institutions. “I urge the authorities of Myanmar to swiftly complete their targeted action plan to address the strategic deficiencies identified in the country.”

Islamabad: Pakistans removal from the Financial Action Task Force's (FATF) list of countries would help boost the nations reputation and get a credit rating ...

Being on the grey list has had direct ramifications on the economic front with different challenges arising during the tenure Pakistan stayed in this category. Moreover, going forward, this should also help strengthen Pakistan’s case of re-rating and upgrading by the international credit rating agencies,” it added. Fitch typically does not assign outlooks to sovereigns with a rating of ‘CCC+’ or below.

The Philippines was retained in the gray list of global dirty money watchdog Financial Action Task Force as it failed to address strategic deficiencies to ...

It also further cut Russia’s role in the organization amid its continued invasion of Ukraine. [Boo Chanco](https://www.philstar.com/authors/1804837/boo-chanco) The Philippines has made a high-level political commitment to work with the FATF and Asia Pacific Group on Money Laundering (APG) to strengthen the effectiveness of its anti-money laundering/combating of financing of terrorism (AML/CFT) regime when it was placed in the gray list in June last year.

Has it convicted leaders of terror groups and introduced anti-terror funding laws in line with international requirements? What is the top priority of the ...

Having followed this procedure, it was only to be expected that at the October plenary, Pakistan would earn a reprieve, and even some praise from the FATF president for completing its action plans. It submitted to the FATF that he was believed to be operating from Afghanistan, a claim the Taliban denied. While Pakistan has completed many tasks, a major sticking point remained: In June 2021, then FATF President Marcus Pleyer had asked Islamabad to address the last remaining item by “demonstrating that terror finance investigations and [the] prosecution target senior leaders and commanders of UN-designated groups”. Deliberations of the FATF are made in complete secrecy, and decisions are meant to be made strictly on the basis of technicalities and procedure, so the grey listing of Pakistan has to be seen in the totality of the process and measures it has undertaken. [Financial Action Task Force](https://www.thehindu.com/news/international/fatf-on-the-warpath-against-terror-financing/article31934817.ece), the global watchdog on anti-money laundering and combating financing terrorism (AML/CFT) efforts, announced [it would take Pakistan off its “grey list”](https://www.thehindu.com/news/international/terror-financing-watchdog-fatf-removes-pakistan-from-grey-list/article66041564.ece) of countries under “enhanced monitoring”, and welcomed what it called Pakistan’s “significant progress” in improving legal and government mechanisms. According to its mission statement, FATF members meet regularly to monitor various countries, “review money laundering and terrorist financing techniques and counter-measures; and promote the adoption and implementation of the FATF Recommendations globally”.

AFTER nearly four-and-a-half years of trials and tribulations, Pakistan has finally exited the FATF's so-called...

Pakistan’s placement on the FATF’s enhanced monitoring list had been widely resented, but it has done considerable good for the country. The exit had long been awaited, with the country hoping for a reprieve after each progress review held in the last couple of years. It is a victory that ought to be celebrated as an example of what it is possible for the country to achieve when the national leadership works together towards a common goal.