Singapore has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2016. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since then. … Singapore will continue to report back to FATF on its progress.
Is Singapore FATF compliant?
Singapore therefore remains rated as Partially Compliant with R. 28. Since the on-site visit to Singapore for its 4th round MER, the FATF has amended Recommendations 2, 5, 7, 8, 18 and 21.
Which countries are member of FATF?
According to its official website, there are 39 members of FATF, representing most financial centers around the world.
Is Pakistan member of FATF?
FATF is an inter-governmental organisation that was established in 1989 and comprises 35 member states, the European Commission and the Gulf Cooperation Council. … Pakistan is not a member state of FATF: instead, it is a FATF Associate Member of the Asia/Pacific Group on Money Laundering (APG).
Is USA a FATF country?
The United States has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2016. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the actions it has taken since then.
What happens if a country is blacklisted by FATF?
It is extremely likely that blacklisted countries will be subject to economic sanctions and other prohibitive measures by FATF member states and other international organizations. … While it has no direct investigatory powers, the FATF monitors global AML/CFT regimes closely to inform the content of its blacklists.
Who is head of FATF?
Marcus Pleyer of Germany assumed the position of President of the FATF on 1 July 2020. He succeeded Xiangmin Liu of the People’s Republic of China. Dr.
What is a GREY list?
A gray list is a list of stocks that are ineligible for trade by an investment bank’s risk arbitrage division. … In such cases, the gray list can include those firms working with the investment bank, often in matters of mergers and acquisitions.
Is Pakistan still in GREY list?
Pakistan has been on the FATF’s grey list since June 2018. Pakistan to remain in #FATF grey list! 26 of the 27 action items in its 2018 action plan. FATF encourages Pakistan to continue to prosecute and target senior leaders and commanders of UN designated terrorist groups.
What happens if Pakistan is blacklisted?
ISLAMABAD: Pakistan’s Prime Minister Imran Khan has warned that if Pakistan is blacklisted at the FATF or Financial Action Task Force then Pakistan’s economy will be destroyed due to inflation and a massive fall in Pakistani Rupee. … Once we are on the blacklist, our entire economy will be destroyed due to inflation.”
Is India on FATF GREY list?
India is a member of the FATF consultations and its Asia Pacific Group. Pakistan continues to remain on the “Grey List” of the FATF as the global body has found “serious deficiencies” on the part of the neighbouring country in checking terror financing and also that “it lacks an effective system” to deal with it.
Which countries support Pakistan in FATF?
To avoid the blacklist, Pakistan has needed the support of three countries and it has been consistently backed by China, Turkey and Malaysia to dodge the label. Currently, North Korea and Iran are in the FATF blacklist.
Is China a FATF country?
The FATF upgraded the rating for Recommendation 15 (New technologies) from partially compliant to largely compliant. China is now compliant on 7 of the 40 Recommendations and largely compliant on 18 of them.
Who controls FATF?
Financial Action Task Force
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