CURRENT AFFAIRS

Detailed explanation-1: -UPSC Mains. Q. Which country has been recently added to the Grey List of ‘Financial Action Task Force’? Notes: Paris-based Financial Action Task Force has added the UAE in its Grey List.

Detailed explanation-2: -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-3: -Financial Action Task Force (FATF) has added Myanmar to the list of high-risk countries, known as ‘Black List’ with ‘strategic deficiencies in regimes to counter money laundering, terrorist financing, and proliferation financing’.

Detailed explanation-4: -As per the October 21, 2022 FATF public statement, Democratic Republic of the Congo, Mozambique and Tanzania have now been added to this list of Jurisdictions under Increased Monitoring – commonly known as grey list – while Nicaragua and Pakistan have been removed from this list based on review by the FATF.