Pakistan has make it not going into the black list of FATF ( Financial Action Task Force) they are still in the grey list of the FATF.
PURPOSE OF FATF
The establishment of Financial Action Task Force was in 1989 at G7 summit held in Paris. The main aim was to fight against the money laundering and financially funding in terrorist activities perform by any country in the world.
There are 38 members in FATF which makes major decision to combat money laundering and financial aiding to the terrorism. India is also member of FATF among the 38 members
Here are the some members of FATF:
- Argentina
- Australia
- Austria
- Belgium
- Brazil
- Canada
- China
- Denmark
- European Commision
- Finland
- France
- Germany
- Greece
- Gulf Co-operation Council ( Bahrain, Kuwait, Oman, Qatar, Saudi Arabia andUnited Arab Emirates) these are group of countries in Gulf Co-operation Council
- Hong kong
- Iceland
- India
- Ireland
- Israel
- Italy
- Japan
- Republic of Korea
- Luxembourg
- Malaysia
- Mexico
- Netherlands, Kingdom of
- New Zealand
- Norway
- Portugal
- Russian Fedration
- Singapore
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Kingdom
- United States
There are two observer countries in the FATF which are Indonesia and Saudi Arabia. IMF is in observer Organisation in the FATF
Its Secretariat is housed at OECD (Organization for Economic Cooperation and Development) in Paris
WHO SAVED PAKISTAN?
Pakistan has come under in eyes of FATF due to the funding they do in terrorist activities like the JeM terrorist organization recently its cheif Masood Azar has been declared as international terrorist.
Pakistan was recently in grey list.
India, UK and USA had voted against Pakistan and want Pakistan in black list which will effect the countries economic loss and point of the country will be also get low for loan.
Currently Pakistan is facing a loss of $ 10 billion every year being in grey list as if they were moved in black list it becomes hard to get loan from IMF so country like china gives them loan. Pakistan $ 6 Billion loan from IMF can also get threatened which they get approval this year.
But Malaysia and Turkey have voted in favour of Pakistan to not mention Pakistan in black list and China abstained its vote. If a country gets Three vote in favour or two vote and one abstain then FATF won't place country in black list.
There are currently two countries in black list one is North Korea and other one is Iran
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