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Pakistan failed to fulfill FATF standard to curb terror funding

Posted on:17 Jun 2019 16:27:58
Pakistan failed to fulfill FATF standard to curb terror funding
17 June 2019 Current Affairs: Pakistan has failed to complete 25 of the 27 requirements demanded by the Financial Action Task Force (FATF), international terror financing watchdog , to curb terror funding. 
FATF already warned Pakistan to take effective measures to combat money laundering and terrorist financing else the country will be placed on the “grey" list or downgrade it to the black list. Pakistan has been on FATF’s grey list since 2018.
In June 2018, Pakistan committed to work with the FATF to strengthen its anti-money laundering and combating terrorist financing regimes. 
Because of this failure, multilateral lenders like the IMF, the World Bank and the EU may continue downgrading Pakistan, making its financial situation more precarious. FATF has also asked Pakistan to submit the details regarding the $7 million allocated to maintain schools, madrasas, clinics and ambulances originally operated by the terror groups.

Financial Action Task Force (FATF):
FATF is an inter-governmental body which devices policy and sets standards to promote effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The body has 38 member countries, including the US, UK, India, Japan, China and France, among others.
Pakistan has failed to complete 25 of the 27 requirements demanded by the Financial Action Task Force (FATF), international terror financing watchdog , to curb terror funding. 
FATF already warned Pakistan to take effective measures to combat money laundering and terrorist financing else the country will be placed on the “grey" list or downgrade it to the black list. Pakistan has been on FATF’s grey list since 2018.
In June 2018, Pakistan committed to work with the FATF to strengthen its anti-money laundering and combating terrorist financing regimes. 
Because of this failure, multilateral lenders like the IMF, the World Bank and the EU may continue downgrading Pakistan, making its financial situation more precarious. FATF has also asked Pakistan to submit the details regarding the $7 million allocated to maintain schools, madrasas, clinics and ambulances originally operated by the terror groups.

Financial Action Task Force (FATF):
FATF is an inter-governmental body which devices policy and sets standards to promote effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The body has 38 member countries, including the US, UK, India, Japan, China and France, among others.

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