CURRENT AFFAIRS

Detailed explanation-1: -The country had two concurrent action plans with a total of 34 action points, of which 30 had either been fully or largely addressed to curb money laundering and terror financing.

Detailed explanation-2: -After placing the country on the grey list in 2018, FATF gave Pakistan a 27-point action agenda, which was later increased to 34-points, related to money laundering, terrorist financing, and action against armed groups and individuals.

Detailed explanation-3: -Pakistan has 38 Recommendations rated C/LC. The country will remain in enhanced follow-up and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

Detailed explanation-4: -In 2018, the Economist noted that there had been no direct economic implications when Pakistan was on the grey list from 2012 to 2015. Instead, Pakistan managed to obtain a $6 billion bailout package from IMF in 2013 and raise additional funding in global debt markets in 2015.

Detailed explanation-5: -In June 2018, the Financial Action Task Force (FATF) declared Pakistan as a Jurisdiction Under Increased Monitoring, more commonly known as the ‘Grey List’.