Financial Action Task Force on Money Laundering Current Affairs, GK & News

Grey list trouble: Pakistan approves four FATF-related bills

The lower house of the Parliament of Pakistan unanimously passed four bills related to the tough conditions set by the global money laundering and terrorist financing watchdog FATF. Earlier,  two such bills were passed in July and another one was passed in the first week of August. How significant for Pakistan? In 2018, the FATF ..

Month: Current Affairs - August, 2020

Category: International / World Current Affairs

Topics: FATF • Financial Action Task Force • Financial Action Task Force on Money Laundering • Grey List • Pakistan • Parliament of Pakistan

Pakistan Sponsoring Terror: United Kingdom

During an interactive session at the Raisina Dialogue 2020, on Thursday 16th January 2020 the United Kingdom (UK) foreign and commonwealth office director for South Asia, Gareth Bayley on the context of Pakistan being on the edge of being blacklisted by the Financial Action Task Force (FAFT) said that Islamabad should do more by taking ..

Month: Current Affairs - January, 2020

Topics: FAFT • Financial Action Task Force • Financial Action Task Force on Money Laundering • Islamabad • Pakistan • Raisina Dialogue 2020 • United Kingdom

Pakistan blacklisted by Asia-Pacific Group of FATF for its failure to comply with terror funding standards

The Asia-Pacific Group (APG) of the Financial Action Task Force (FATF) is a global watchdog for terror financing and money laundering. It has recently put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards. The APG has also found that Pakistan was non-compliant on 32 of the 40 ..

Topics: Corporate crime • Crime • Economy • FATF blacklist • Financial Action Task Force on Money Laundering • Financial regulation • Money Laundering • OECD • Tax Evasion • Terrorism

Saudi Arabia becomes first Arab country to get FATF membership

Saudi Arabia has become the first Arab country to be granted full membership of Financial Action Task Force (FATF) following its Annual General Meeting at Orlando in Florida, USA. Since November 2004, Saudi Arabia has been a founding member of the Middle East and North Africa (MENA) arm of the FATF group. Its full FATF ..

Topics: Asia/Pacific Group on Money Laundering • Corporate crime • Crime • FATF blacklist • Financial Action Task Force on Money Laundering • Financial regulation • Money Laundering • OECD • Organizations • Task forces • Tax Evasion • Terrorism financing

IDBI Bank launches paperless account opening facility for NRIs

IDBI Bank has launched the ‘NRI-Insta-Online’ account-opening process for Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents and KYC proofs for opening an account with the bank. NRIs will now be able to open account in IDBI Bank without submitting paper ..

Topics: Asia/Pacific Group on Money Laundering • Business law • Corporate crime • Crime • Financial Action Task Force on Money Laundering • Financial regulation • IDBI Bank • Money Laundering • OECD • Politically exposed person • Tax Evasion • Terrorism financing

Pakistan could be blacklisted by FATF

Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan could be blacklisted by the Financial Action Task Force because of ‘lobbying by India’ after estimating that the country could suffer $10 billion loss annually if it remains in the watchdog’s grey list. Last year the Paris-based FATF had placed Pakistan on the ‘grey list’ of ..

Topics: Business law • Corporate crime • Crime • FATF blacklist • Financial Action Task Force on Money Laundering • Financial regulation • Money Laundering • OECD • Organisation for Economic Co-operation and Development controversy • Pakistan • Tax Evasion • Terrorism financing