Financial Action Task Force (FATF)

Subject – IR

Context – Pakistan retained on FATF’s ‘greylist’ again

Concept –

The Financial Action Task Force (FATF) retained Pakistan in the ‘grey-list’ yet again, observing that it needed to further demonstrate that investigations and prosecutions were being pursued against the senior leadership of UN-designated terror groups, which include the Lashkar-e-Taiba (LeT), Jaish-e-Mohammed ( JeM), al-Qaeda and the Taliban.
The Pakistan Government has two concurrent action plans with a total of 34 action plan items. It has addressed or largely addressed 30 of the items. Its most recent action plan from June this year, which largely focused on money laundering deficiencies, was issued after the FATF’s regional partner APG, that is the Asia-Pacific Group, identified a number of serious issues.
The FATF also announced the ‘grey-listing’ of Jordan, Mali and Turkey, following the conclusion of the Plenary session.
At the previous Plenary in June, the FATF had kept Pakistan in the list of “jurisdictions under increased monitoring” owing to its failure in prosecuting the top operatives of the Security Councildesignated terror groups.

To know about FATF, please click here.

Asia-Pacific Group (APG)

Jurisdictions that join the APG, either as members or as observers, commit to the recommendations of the Financial Action Task Force (FATF).

To know about APG, please click here.

Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG)

It is a regional body comprising nine countries: India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus.
It is an associate member of the FATF.