Financial Action Task Force Quiz

Notes:
Raja Kumar has been appointed as the president of the Financial Action Task Force (FATF).

Notes:
The FATF is an inter-governmental body that sets international standards to prevent financial crimes that aid terrorism. It was established in July 1989 by a G-7 Summit to develop measures against money laundering and after the 9/11 attacks, its mandate expanded to combat terrorist financing, and efforts to counter the financing of proliferation of weapons of mass destruction were added in April 2012. As of March 2022, FATF’s increased monitoring list or the “grey list” includes countries like Pakistan, Syria, Turkey, Myanmar, Philippines, South Sudan, Uganda, and Yemen, to check their progress on measures against money laundering and terrorism financing.

Notes:
Pakistan will continue to be on the “Grey List” of countries under increased monitoring of the Financial Action Task Force (FATF), from the global money-laundering and terror-financing watchdog.

Notes:
T Raja Kumar of Singapore has been appointed as the president of Financial Action Task Force (FATF), the anti-money laundering watchdog.
He has replaced Marcus Pleyer and will discharge his service for next two years. As per FATF, the President will focus on enhancing the effectiveness of global anti-money laundering  and counter-terrorist financing measures, improving asset recovery and other initiatives.

Notes:
The Financial Action Task Force has appointed T Raja Kumar of Singapore as the next President for a fixed two-year term.
He succeeds Marcus Pleyer, Deputy director-general of Germany’s federal ministry of finance. Raja is the first Singaporean appointed to the top role at FATF. He is currently a Senior advisor at the Ministry of Home affairs in Singapore.

Notes:
फाइनेंशियल एक्शन टास्क फोर्स (Financial Action Task Force – FATF) ने सिंगापुर के टी. राजा कुमार को दो साल के निश्चित कार्यकाल के लिए अगला अध्यक्ष नियुक्त किया है। वह जर्मनी के संघीय वित्त मंत्रालय के उप महानिदेशक मार्कस प्लीयर का स्थान लेंगे। राजा FATF में शीर्ष पद पर नियुक्त होने वाले पहले सिंगापुर के नागरिक हैं। वह वर्तमान में सिंगापुर में गृह मंत्रालय में वरिष्ठ सलाहकार हैं।

Notes:
पेरिस बेस्ड Financial Action Task Force ने यूएई को अपनी ग्रे लिस्ट में शामिल किया है। यह बढ़ी हुई निगरानी वाले 23 देशों की सूची है, जिनमें मध्य-पूर्व के साथी जॉर्डन, सीरिया और यमन शामिल हैं। यूएई ने हाल ही में एक कॉर्पोरेट रजिस्ट्री की स्थापना की है और अन्य देशों के साथ प्रत्यर्पण समझौतों पर हस्ताक्षर किए हैं। पाकिस्तान को FATF की ग्रे लिस्ट में बरकरार रखा गया है।

Notes:
Paris-based Financial Action Task Force has added the UAE in its Grey List. It is a list of 23 countries of increased monitoring including fellow Middle-East nations Jordan, Syria and Yemen.
UAE has recently established a corporate registry and signed extradition agreements with other nations. Pakistan has been retained in the Grey list of FATF.

Notes:
The Financial Action Task Force (FATF), an intergovernmental organization, was founded in 1989 to puta check on money laundering. It is headquartered at Paris, France.

Notes:
FATF was established in the year 1989 and works under OECD (Organization of Economic Cooperation Development) headquartered at Paris, France. It was initiated by the G7 countries. It has in total 36 member countries and 2 regional members (Gulf Corporation Council and European Commission). The 2 countries who have taken observer status are Saudi Arabia and Indonesia.
Why in news? Pakistan has announced that they have started to assess about the dent they will get if placed in the black list due to lobbying of India. Pakistan is already paced in the grey list last year. This is done due to failure in keeping check over terror financing and fund activities along with money laundering events. Other countries in the grey list are:

• Sri Lanka
• Bostwana
• Bahamas
• Cambodia
• Ethiopia
• Tunisia
• Yemen
• Serbia
• Syria
• Ghana

There are two countries placed in the black list: Iran and North Korea. The list display the actions and sanctions imposed over them accordingly which includes reduction in trade.