CURRENT AFFAIRS

Detailed explanation-1: -Pakistan has been placed on the lowest rung, or “blacklist”, of the Financial Action Task Force’s Asia Pacific Group (APG) for non-compliance and non-enforcement of safeguards against terror financing and money laundering.

Detailed explanation-2: -As of November 2022, only three countries were on the FATF blacklist: North Korea, Iran, and Myanmar. The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows.

Detailed explanation-3: -Pakistan has been removed from the list after four years. It was first put on the list in 2008, removed in 2009 and before adding it again in 2018, it remained under increased monitoring from 2012 to 2015.

Detailed explanation-4: -Among these countries are the Philippines, Syria, Yemen, the United Arab Emirates, Uganda, Morocco, Jamaica, Cambodia, Burkina Faso, and South Sudan, and the tax havens of Barbados, Cayman Islands, and Panama.

Detailed explanation-5: -As of late 2022, the FATF comprises 39 full members, including 37 countries and two “regional organizations", the European Commission and the Gulf Cooperation Council (GCC).