CURRENT AFFAIRS

Detailed explanation-1: -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-2: -Countries in Grey List: As of March 2022, there are 23 countries on the FATF’s increased monitoring list - officially referred to as “jurisdictions with strategic deficiencies” - that include Pakistan, Syria, Turkey, Myanmar, Philippines, South Sudan, Uganda, and Yemen.

Detailed explanation-3: -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.

Detailed explanation-4: -The Black List. While the FATF Grey List includes countries that are subject to increased monitoring as a result of their AML/CFT deficiencies, the Black List includes those countries that FATF has deemed to have “significant strategic deficiencies” in their AML/CFT regimes.

Detailed explanation-5: -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.