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Financial Action Task Force (FATF): Grey List and Black List

  • Integrity Education, Delhi
  • 26, Jun 2021
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Why in news: Pakistan has been included in the grey list of FATF.

  • FATF is the global money laundering and terrorist financing watchdog
  • The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
  • FATF was established by the G-7 Summit that was held in Paris in 1989.

FATF Black List

  • Officially known as High-Risk Jurisdictions subject to a Call for Action
  • It is a list of countries that are considered as non-cooperative in the global effort to combat money laundering and the financing of terrorism
  • In other words; countries that are supporting terror funding and money laundering activities are placed in the Blacklist
  • The FATF blacklist or OECD blacklist has been issued by the Financial Action Task Force since 2000

Countries in Black List

  • Iran
  • North Korea (Democratic People's Republic of Korea)

FATF Grey List

  • Officially referred to as Jurisdictions Under Increased Monitoring
  • Countries on the FATF grey list represent a much higher risk of money laundering and terrorism financing but have formally committed to working with the FATF to develop action plans that will address their Anti Money Laundering /Combating the Financing of Terrorism deficiencies.

Countries in Grey List

  • Albania, Barbados, Botswana
  • Burkina Faso, Cambodia, Cayman Islands
  • Ghana, Jamaica, Mauritius
  • Morocco, Myanmar, Nicaragua
  • Pakistan, Panama, Senegal
  • Syria Uganda Yemen Zimbabwe