China elected as vice chair of FATF

Posted on:27 Feb 2018 12:15:44
China elected as vice chair of FATF
27 February 2018 Current Affairs: China was elected as vice chair of Financial Action Task Force (FATF), a global body mandated to combat terror financing and money laundering.

In its plenary meeting in Paris, FATF had placed Pakistan under “grey list” subject to direct monitoring and intense scrutiny by International Cooperation.

It is an inter‐governmental policy-making body that aims to establish international standards for combating money laundering and terrorist financing.

It was established in 1989 during the G7 Summit in Paris (France) to combat the growing problem of money laundering.

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