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Pakistan to stay on FATF grey list till 2021
Why is it in news?
- The Financial Action Task Force (FATF) on Friday decided to keep Pakistan on the “grey list” till the next review of its compliance with the recommendations made in February next year.
About FATF
- It 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.
- As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
- The FATF has developed the FATFRecommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
- The FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks, such as the regulation of virtual assets, which have spread as cryptocurrencies gain popularity.
- The FATF monitors countries to ensure they implement the FATF Standards fully and effectively, and holds countries to account that do not comply.