CURRENT AFFAIRS

Detailed explanation-1: -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-2: -Following review, the FATF now also identifies the Democratic Republic of the Congo, Mozambique, and Tanzania. The FATF welcomes the progress made by these countries in combating money laundering and terrorist financing, despite the challenges posed by COVID-19.

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: -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-5: -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.