Pakistan received another extension on the “greylist”, as the Financial Action Task Force (FATF) plenary session on Wednesday decided to continue all countries under scrutiny for Terror Financing and Money Laundering until October 2020.
ABOUT FATF
The Financial Action Task Force (FATF) is an inter-governmental organisation established to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. It was formed in 1989 by the G7 Summit which was held in Paris. The FATF is really a policy-making body that works with governments to bring about national legislation and regulatory reforms in these areas.
FATF Countries (FATF Members)
Currently, there are 38 member countries in the FATF. India is a member of the organisation since June 2010. It had earlier acquired ‘Observer’ status at FATF in 2006.
