Money Laundering: GK, General Studies and Current Affairs

FATF: Pakistan to remain on “Grey List”

On October 12, 2020, the Financial Action Task Force announced that Pakistan will continue to remain under “grey list” of the organisation. The asia-pacific group of FATF submitted a report titled “Follow up report on mutual evaluation of Pakistan”. The report is first of its kind. The decision of putting Pakistan under grey list was ..

JSW Steel Ltd permitted to acquire Bhushan Power & Steel Ltd

Mumbai-based Indian steel making company, JSW Steel Ltd recently approved permission from the National Company Law Appellate Tribunal on Monday (NCLAT) to acquire Bhushan Power & Steel Ltd. While JSW steel is to acquire the firm for Rs 19,700 crore, it would be immuned from the acts of former promoters of the Bhushan Power, as ..

Migrants can change address by giving self-declaration

The government has allowed migrants to change address on Aadhaar by giving self declaration. It will help them open bank account and promote financial inclusion. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules as per the gazette notification issued on 13 Nov. This move will allow an individual to ..

FATF Asia-Pacific blacklists Pakistan for terror funding

The International Terror Watchdog for Terror Funding, the Financial Action Task Force (FATF) has blacklisted the nation of Pakistan for various non-compliances and non-enforcements of international terror controls and safeguards. What has happened? The FATF has been placed in the blacklist of the FATF’s Asia Pacific Group (APG) for the violations and the non-compliance of ..

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 ..