CURRENT AFFAIRS

Detailed explanation-1: -Pakistan is off the ‘grey list’ of the Financial Action Task Force (FATF) after four years, a development that has been welcomed across the country.

Detailed explanation-2: -It expanded its scope and power to categorize countries with weak financial institutions and urged them to comply action plan. Pakistan was put into the grey-list for slow progress regarding compliance to United Nations Security Council Resolutions (UNSCR-1617,1267 and 1373).

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: -As a result, Pakistan has been taken out of the list of jurisdictions under increased monitoring, with immediate effect. This decision was taken during the FATF Plenary meeting held in Paris, France from 20-21 October 2022.

Detailed explanation-5: -The FATF had issued the 27-point action plan after placing Pakistan on the ‘Grey List’ in June 2018. The action plan pertains to curbing money laundering and terror financing. Pakistan was first put on the list in 2008, removed in 2009 and then again remained under increased monitoring from 2012 to 2015.