In a recent decision Financial Action Task Force FATF has kept Pakistan in its lsquo Grey list rsquo...........

International Affairs International Institutions

In a recent decision Financial Action Task Force (FATF) has kept Pakistan in its ‘Grey list’, which of the following statement/s are correct about FATF?

1. It is established by the G-20 Summit that was held in Paris in 1989.

2. It monitors progress and implementation of anti-money laundering and counter terrorist financing techniques.

Select the correct answer using the codes below:

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

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Explanation:

Financial Action Task Force (FATF) is an inter-governmental body established in 1989 on the initiative of the G7. Its Secretariat is housed at the OECD headquarters in Paris.

FATF maintains two different lists of countries:

Black List: Countries with strategic deficiencies in anti-money laundering / countering the financing of terrorism measures. FATF calls for action on these countries with counter-measures.
Grey List: Countries with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan.