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Sri Lanka has been blacklisted from the Grey Listed of the International Terror Financing Watchdog (FATF). The reason that the FATF gave for desciding so was that Sri Lanka had not made adequate progress in the arenas of international cooperation, arrangements, and financial sanctions on proliferation.
The report of its state of progress was examined by an organisation, the International Review Group (ICRG), which is based in Paris. The Review was done after the FATF had asked for a detailed report of an enquiry by the Group with respect to the effectiveness of the anti-money laundering and terror financing compliance mechanisms in the country in the month of October in 2016. A year later, in a meeting, the FATF even formulated a plan which is time-bound to correct the inconsistencies and shortfalls in the anti-money laundering and terror financing compliance mechanisms. Prior to the enquiry, FATF had reported that Sri Lanka had witnessed noteworthy progress in the rectifying the errors in the strategy of the anti-money laundering and terror financing that was pointed out by the FATF before. It is to be noted that Sri Lanka was a part of the Grey List of FATF. Those countries are a party to the Grey List, whose anti-money laundering and terror financing strategies are insufficient.
Likewise, FATF has issued a warning against Pakistan of being removed from the Grey List of FATF, provided it continues its inaction on the deficiencies that have been pointed out relating to the financing of terrorism. The warning was issued after it was reported that it had only been able to address five tasks out of the twenty-seven that was asked by FATF to do, especially after the allegations of the repeated involvement of Pakistan based terror groups like Lashkar-e-Taiba (LeT), or Jaish–e-Mohamammed or Hizbul Mujahideen in the terror attacks that are faced by India.
FATF is an international body that was established in 1989 with the aim to fight money-laundering terror financing and similar other threats which pose as a threat to the entire global financial system.
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