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 ..
Terrorism financing: GK, General Studies and Current Affairs
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 ..
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 ..
International terror financing watchdog, the Financial Action Task Force (FATF) has decided to keep Pakistan on its grey list, despite India’s push to blacklist it in the aftermath of Pulwama terror attack. The decision was recently taken at the end of week-long meetings by the FATF in Paris. The Paris-based FATF stated that Pakistan has ..
Money laundering is the process by which large amounts of illegally obtained is given the appearance of having originated from a legitimate source. So basically, all the ways to convert the black money into white money are Money laundering. But in Money laundering, the black money must involve a predicate crime such as the violation of Indian Penal Code, ..