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FATF expanded as Financial Action task Force was established during the G7 summit that was conducted in Paris in the year 1989. The stakeholders in this organization include the heads of the G7 countries, the heads of eight other countries and the President of the European Commission. FATF Objectives The principal objective of FATF is to evolve the standards and norms pertaining to the regulatory measures to combat money laundering, terrorist financing and a range of other related threats that pose a risk tot eh health of the international financial system. FATF works with the nation states to encourage some legislative changes and reforms in the sectors discussed above. Also, FATF provides policy recommendations that comply with the international standards in the line of combating money laundering, proliferation of the weapons of mass destruction, and terrorism funding. Since 1990, FATF has revised its recommendations four times. FATF Member Nations The official website of FATF says the organization has 39 members. The members of the FATF represent major financial centers around the world. What is FATF Blacklist? FATF Blacklist refers to the FATF list of "Non-Cooperative Countries or Territories" (NCCTs). The OECD Blacklist has been published from the year 2000 and this list consists of the names of the countries that are non-cooperative with regard to the global measures to combat money laundering and terrorism financing. The FATF updates this blacklist regularly by adding or deleting the entries made. The case of Pakistan and FATF Blacklist The FATF review entered Pakistan in the grey list in June 2018. The organization gave 27 action plans for the country to be fulfilled before September 2019 for being considered to get the country out of the grey list. The recent reviews have discovered that the country could only fulfill 7 conditions out of the 27 which will mean a bad performance by Pakistan in the lines of addressing the AML/CFT deficiencies. What can be expected during the FATF meeting in Paris on October 18, 2019? The FATF meeting in Paris on October 18, 2019 will decide what has to happen with the grey listing of Pakistan. The three possibilities in front of the country would be to get out of the grey list, to continue in the grey list or in the worst case, enter the black list. Only if three countries support the motion, Pakistan has chances of not entering the blacklist. In order to get out of the grey list, Pakistan will need the support of not less than 15 countries, which might not come through this time. So, the greatest chances are there for the country to be continued in the grey list. Implications of grey / black listing for Pakistan At a time when Pakistan is already facing a severe economic crisis, grey listing of the country will take a further toll on the country. It will make borrowing of money from other countries a difficult thing for Pakistan. The only choice for Pakistan could be to request for the International Monetary Fund (IMF) for help. If this has to come through, Pakistan will be forced to share the complete details about its foreign funding including China-Pakistan Economic Corridor (CPEC), the Chinese funded project. If this happens, it will create a serious setback for both China and Pakistan as this project has been kept as a secrecy till date for some ulterior reasons. Summary of FATF Statements from 2012 FATF February 2012 statement identified 23 countries that had not implemented the FATF standards. The list said the countries that committed and addressing the AML/CFT deficiencies included Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Brunei Darussalam, Cambodia, Kyrgyzstan, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Sudan, Tajikistan, Trinidad and Tobago, Turkmenistan, Venezuela, and Zimbabwe. The countries that had committed, but did not make sufficient progress included Ecuador, Philippines, Vietnam, and Yemen. The 2012 FATF list also listed 17 countries as high-risk and non-cooperative including Iran, North Korea, Bolivia, Cuba, Ethiopia, Ghana, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, Thailand, and Turkey. FATF June 2013 statement listed 14 countries that were said to have strategic deficiencies coming as risk to the international financial system including Iran, North Korea, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Pakistan, São Tomé and Príncipe, Syria, Tanzania, Turkey, Vietnam, and Yemen. The list also mentioned that the above said countries had not made sufficient progress with regard to addressing the deficiencies and had not committed to an action plan. FATF October 2013 statement mentioned the names of 13 countries that had strategic AML/CFT deficiencies and had not made the desired progress in rectifying the deficiencies or committing to an action plan. The names of the countries included Iran, North Korea, Algeria, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Tanzania, Turkey, and Yemen. FATF February 2014 statement listed 11 countries that posed a risk to the international financial system including Iran, North Korea, Algeria, Ecuador, Ethiopia, Indonesia, Myanmar, Syria, Turkey, and Yemen. FATF June 2014 statement listed 6 countries that did not make sufficient progress in line with rectifying the AML/CFT deficiencies including Iran, North Korea, Algeria, Ecuador, Indonesia, and Myanmar. FATF February 2015 statement listed 6 counties that had made a significant progress with regard to improving their AML/CFT regime and said these countries were no longer subject to the FATF monitoring process. The countries included Cambodia, Kuwait, Namibia, Nicaragua, Pakistan, and Zimbabwe. The FATF October 2015 statement listed three counties including Iran, North Korea and Myanmar as non-cooperative jurisdictions and high risk countries with strategic deficiencies. February 2016 FATF statement dropped Panama from the grey list and called the two countries namely Iran and North Korea to apply counter-measures. Through the FATF February 2017 statement, the FATF published the following concern regarding North Korea saying, “The FATF remains concerned by the DPRK’s failure to address the significant deficiencies in its anti‑money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threat this poses to the integrity of the international financial system. The FATF urges the DPRK to immediately and meaningfully address its AML/CFT deficiencies. Further, FATF has serious concerns with the threat posed by DPRK’s illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing.” In November 2017, Uganda was removed from the FATF review process since the country had improved its AML/CFT regime. On the same grounds, Bosnia and Herzegovina were removed from the list in February 2018 and Iraq and Vanuatu were removed from the list in June 2018. The June 2018 Public Statement by FATF expressed its disappointment over Iran’s failure to implement its action plan to rectify the AML/CFT deficiencies. In the same Public statement, FATF grey listed Pakistan for the second time. See Also: <a data-type="tilCustomLink">Pakistan's fate hangs in balance as FATF begins meeting in Paris</a>

Explained: FATF Origin, Objectives, functions and why Pakistan is in trouble

Pakistan is likely to get four months to fulfil requirements of the Financial Action Task Force (FATF) and secure an exit from its grey list. A decision to this effect was likely to be taken by the FATF on Friday after the conclusion of the February 16-21 group meetings and plenary in Paris. The Pakistani delegation to the meetings was led by Revenue Minister Hammad Azhar. The FATF in October decided to keep Pakistan on its 'Grey' list for failure to curb funnelling of funds to terror groups Lashkar-e-Taiba, Jaish-e-Mohammed and others. If not removed off the list by April, Pakistan may move to a blacklist of countries that face severe economic sanctions, such as Iran. According to a report in the Dawn newspaper, the international terror financing watchdog was set to give Pakistan time till June 2020 to achieve full compliance with its 27-point action plan and secure exit from the FATF grey list. Sources from Paris said that Pakistan was found fully or close to fully compliant on more than half of the 27 targets. "We are satisfied with the progress so far. There was no case at all for blacklisting us," a source was quoted as saying in the report. Pakistan is already finalising major amendments to at least a dozen of its laws to meet the FATF requirements by June this year. Based on that, the country's performance would be judged in the next FATF plenary in October 2020, the report said. Pakistan submitted a 650-page review report to the FATF on January 8. The report was submitted in response to 150 questions raised by the FATF regarding new Pakistani policies on money laundering. The report outlined the steps taken by Pakistan between October 2019 to January 2020 to implement the group's recommendations. In January, Pakistan urged the US to support its bid to exit from FATF's grey list ahead of a key meeting of the international terror financing watchdog in Beijing in which Islamabad's efforts to adopt stricter laws against terror financing and money laundering were scrutinised.

Pakistan likely to get four-month breather to fulfil FATF obligations

Financial Action Task Force (FATF), the international terror financing watchdog is looking forward to take a strict action against Pakistan. With the country being on the verge to find its way onto the ‘Dark Grey’ list on October 18, the present situation signals the last warning to the nation to improve and stop money laundering and terror financing. Established in 1989, FATF is an inter-governmental body that works with the objective of curbing money laundering, financing terrorism and other kinds of threats that can challenge the integrity of the international finance system. An official privy by FATF says Pakistan has shown only an inadequate performance after being put on the grey list in June last year. The country was also given a plan to complete by October 2019 failing which Pakistan had to face the risk of being placed on the black list along with other countries including Iran and North Korea. Pakistan and the FATF grey list For the first time, Pakistan was included in the grey list in 2012 and was seen on it until 2015. In June 29, 2018, Pakistan was grey listed for the second time by the FATF. Pakistan submitted its compliance report on the 27 point action plan. The five year review by the APG concluded on August 23, 2019 and FATF said Pakistan failed to complete its action plan on the issue of terror financing. It was evident that Pakistan is on the verge of strong action as it could manage to pass only 6 of the 27 items. On Thursday, October 18, 2019, the FATF will take up the grey listing of Pakistan. What is Dark Grey List? The rules of FATF state that there is an intermediary stage between the grey and black lists namely the dark grey list. According to the information got from the official source, being entered in the dark grey list will mean an issuance of a serious warning that will give the country the last chance to improve. Dark grey was the term that FATF uses for referring to warnings up to the 3rd phase. Nowadays it is called as warning which is in the 4th phase. What are the implications if Pakistan is placed on the Dark Grey List? Finding its way to the Dark Grey List by FATF will mean some dire consequences for Pakistan. If this happens, Pakistan will find it extremely difficult to get any financial aid from the IMF, the European Union and the World Bank. This will mean a precarious condition for the country especially at a time when the country is facing a serious economic set back. What is happening right now? Countries including India, UK, US and France are pushing for a stricter action against Pakistan. While Pakistan is striving hard to get off the grey list, India is working through different channels to see that the blacklisting process of Pakistan is initiated. October 18 will be a crucial day for Pakistan. The support from China, Malaysia and Turkey will mean there are chances for Pakistan not to be blacklisted as only a minimum of three votes are needed to prevent black listing at the FATF. However, to get out of the grey list, the country will need the votes of at least 15 nations. As of now, Pakistan does not enjoy this luxury.

Pakistan's fate hangs in balance as FATF week begins, to take up 'grey list' matter on October 18

<ul class="summary-list"><li>Russia could become black listed by the Financial Action Task Force in June.</li><li>To avoid this, Moscow is pressuring India to help thwart the blacklisting effort, Bloomberg reported.</li></ul>Russia is asking for India's support to avoid getting on a black list that would further isolate Moscow from global finance, <a href="https://www.bloomberg.com/news/articles/2023-05-23/putin-pushes-india-to-help-russia-avoid-fatf-global-financial-blacklist" target="_blank" rel="noopener">Bloomberg reported</a>.The pressure comes as the Financial Action Task Force — an intergovernmental group focused on combating money laundering and terrorist financing — prepares for a June meeting, during which members could implement restrictions on Russia. Though its invasion of Ukraine had already made Russia the world's most heavily sanctioned country, an FATF blacklisting would put Moscow in the same category as North Korea, Iran, and Myanmar.If Russia is added to the black list, FATF members, banks, investment firms, and payment-processors must perform additional due diligence and could even enact countermeasures, according to Bloomberg.Because Russia was suspended from FATF in February, it's urging other countries like India to help thwart the blacklisting effort.The Kremlin has warned India that defense, energy, and transportation deals between the two countries would be at risk under the designation. They include weapons exports, cooperation between oil firms Rosneft and Nayara Energy Limited, and the development of a railway corridor. Russia is India's top arm supplier and has emerged as a major oil supplier in the last year.Russia has also said that even being added on the FATF's "gray list" — a less severe measure — would still threaten deals. Moscow believes that India has "special credibility" within the FATF that should be used, but has also turned to other governments for similar support, sources told Bloomberg. Meanwhile, Ukraine has championed the black listing, but is not a member itself.

Russia pleads with India for help avoiding financial black list, warning oil and weapons deals are at risk, report says

<ul class="summary-list"><li>Russia is using illicit cash channels to fund covert activities, analysts say.</li><li>An expert took Insider through how the networks operate. </li></ul>Russia is using covert financial networks to fund its purchases of banned weapons technology, getting round Western sanctions in the process, analysts told Insider.They described in unusual detail how the schemes work.Pavlo Verkhniatskyi, a member of the International Working Group on Russian sanctions, provided exclusive insight to Insider on how Russia is exploiting the financial system.He said this helps it buy microchips, specialised tools, and other key components used to build the missiles and drones it launches every day at Ukraine."Money is poured into the financial system and becomes, you know, a driving force or fuel for those black operations," said Verkhniatskyi, referring to Russia's covert tech procurement programs.He called on the West to shift the focus of its sanctions regime and target the networks he described. He said attempts so far had only mixed success. The Russian embassy in the UK did not immediately respond to a request for comment.<h2>Dubious banks, and suitcases full of cash and diamonds </h2>Verkhniatskyi, citing Ukrainian government sources, described the financial channels Russia is using to fund its covert weapons part trade. He said that a favored tool is cash — usually the proceeds of the government's oil and gas sales. That money, he said, is then placed in accounts in countries such as Turkey and the UAE, where western sanctions are not closely enforced. Under Western sanctions, banks must investigate suspicious transactions to make sure they're not being used to circumvent sanctions. So Russia attempts to obscure the real source of the money by using intermediary banks. The purchases, Verkhniatskyi said, are brokered by networks of shell companies, which are often covers for Russian intelligence, These firms usually buy the sanctioned goods from trading firms or retailers in bulk he said.Countries <a href="https://www.businessinsider.com/ukraine-how-russia-gets-us-tech-cruise-missiles-despite-sanctions-2023-8?r=US&amp;IR=T">like Kazakhstan and Armenia,</a> with traditionally close ties to Russia and weaker business laws, are used as bases for the shell companies. Verkhniatskyi described the shell companies as "sleeping bears" some of which were set up before the invasion and were ready to activate once Western sanctions began to bite.Banks dealing in dollars, the world's default currency, in theory have to comply with American sanctions or face reprisals from the US government.But Kremlin agents have other options available that don't involve bank transfers that could trigger such checks, Verkhniatskyi said. Some shell company agents hand over suitcases full of cash to suppliers or other valuables."There is also information on Russians using diamonds as payment methods for sanctioned goods," Verkhniatskyi said, citing Ukrainian government sources. His claims are backed by a recent report by the <a href="https://news.exeter.ac.uk/faculty-of-humanities-arts-and-social-sciences/continued-use-of-illicit-finance-by-russia-threatens-international-security-and-democracy-new-report-warns/" target="_blank" rel="noopener">UK's Serious Organised Crime &amp; Anti-Corruption Evidence</a> group. It found that the Kremlin's illicit cash flows are not just funding its tech procurement programs, but also disinformation campaigns and militant groups."Illicit finance is now an integral part of Russia's foreign and security policy," wrote Professor David Lewis from the University of Exeter in the study. "It is also critical to the Russian military and security services, enabling illicit defence supply chains, facilitating military deployments overseas, and funding a growing array of parastate military units."But Russia lacks the capacity to buy the large numbers of banned tech items it needs through cash handovers alone, meaning it remains vulnerable to attempts to restrict the flow of Kremlin money through banks.<h2>Blacklisting Russia </h2>Verkhniatskyi said a vital step would be Russia on the blacklist of the Financial Action Task Force blacklist, an inter-governmental organization meant to stop financial wrongdoing. The move effectively isolates a country from the world's banking systems. The FATF briefly suspended Russia in the wake of the Ukraine invasion, a largely symbolic move meaning it was restricted from involvement at a leadership level.But it has so far hesitated in taking the more serious step of blacklisting Russia, amid concerns it could impact the neutrality of the FATF, and might not be effective. Only three countries were blacklisted as of October 2023: North Korea, Iran, and Myanmar. A larger "grey list" of more than 25 countries also does not feature RussiaBut Verkhniatskyi dismissed these concerns, and said that not punishing Russia was doing more damage to the institution's credibility. "I think that the authority of FATF is undermined when they sit at the same table with the criminal state and keep on you know, working as normal," he said.The FATF did not immediately respond to a request for comment from Insider.

Russia is using bags of cash and diamonds to avoid sanctions and fund its weapons program, expert says

Happy hump day. Phil Rosen here. By now I'm sure you've read plenty about a potential US default, but there's some nuance worth delving into here, regardless of whether lawmakers agree to raise the debt ceiling. Today we're talking about faith, creditworthiness, and the <a href="https://markets.businessinsider.com/news/bonds/investors-debt-default-mccarthy-biden-debt-bonds-america-atlantic-council-2023-5">sheer size of the American bond market</a>.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/bonds/investors-debt-default-mccarthy-biden-debt-bonds-america-atlantic-council-2023-5"></a>1. Let's get one thing straight: If we avoid a <a href="https://markets.businessinsider.com/news/bonds/us-credit-rating-aaa-bond-payments-debt-obligations-crisis-default-limit-2023-5">worst-case scenario</a> of a national default, that doesn't exactly put the country in the clear.President Joe Biden and House Speaker Kevin McCarthy this week have voiced optimism on a deal being reached, so credit agencies like Moody's, Fitch, and S&amp;P Global have so far stayed the course with <a href="https://markets.businessinsider.com/news/bonds/us-credit-rating-aaa-bond-payments-debt-obligations-crisis-default-limit-2023-5">an upbeat outlook</a>, too. But in another possible scenario, the government could keep making bond payments, but <a href="https://markets.businessinsider.com/news/bonds/us-credit-rating-aaa-bond-payments-debt-obligations-crisis-default-limit-2023-5">skip out on other obligations</a> like payments to government contractors or social security recipients. So just because the US skirts a traditional bond default doesn't mean it's out of the woods in regard to potential damage to its creditworthiness. In March, Republican lawmakers floated the idea of "prioritizing debt," or paying off certain obligations ahead of others. Janet Yellen cautioned that this approach would simply be a "<a href="https://markets.businessinsider.com/news/bonds/us-credit-rating-aaa-bond-payments-debt-obligations-crisis-default-limit-2023-5">default by another name</a>."Should the government go down this path, Fitch has indicated that the country's credit status could actually still be <a href="https://markets.businessinsider.com/news/bonds/us-credit-rating-aaa-bond-payments-debt-obligations-crisis-default-limit-2023-5">downgraded from its current top-notch AAA rating</a>. Here's the kicker: the US's creditworthiness is critical to the risk-free reputation of its Treasury market, and the world's faith in the American economy. The fear is that a downgrade could send investors <a href="https://markets.businessinsider.com/news/bonds/us-credit-rating-aaa-bond-payments-debt-obligations-crisis-default-limit-2023-5">fleeing the world's largest debt market</a>, driving up borrowing costs for the government and, in turn, households and businesses. To me, that sounds like bad news. But according to Josh Lipsky at the Atlantic Council, the reality is investors around the world <a href="https://markets.businessinsider.com/news/bonds/investors-debt-default-mccarthy-biden-debt-bonds-america-atlantic-council-2023-5">don't have an alternative to American bonds</a>."The problem for any investor <a href="https://markets.businessinsider.com/news/bonds/investors-debt-default-mccarthy-biden-debt-bonds-america-atlantic-council-2023-5">looking for safety</a> in the wake of a US default," Lipsky wrote in a Tuesday report from the think tank, "is that the US Treasury market is much larger than any similarly-rated government bond market."Sure, German bonds offer safety, as they're the only other AAA-rated debt issuer among G7 nations, but the German debt market is one-tenth the size of America's.Lipsky concludes that there's <a href="https://markets.businessinsider.com/news/bonds/investors-debt-default-mccarthy-biden-debt-bonds-america-atlantic-council-2023-5">no other safe place for investors to park their cash</a>, which makes politicians' current standoff all the more maddening. Because, as he puts it:"The US government issues something the rest of <a href="https://markets.businessinsider.com/news/bonds/investors-debt-default-mccarthy-biden-debt-bonds-america-atlantic-council-2023-5">the world desperately wishes it had</a>."What's your outlook now on a potential US default? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (prosen@insider.com) to let me know.In other news:<a href="https://markets.businessinsider.com/news/stocks/housing-market-price-gap-miami-local-california-real-estate-redfin-2023-5"></a><div type="image" title="Miami housing market" height="1936" width="3871" msid="100474435" hostid="261" sizebytes="963826"></div>2. US stock futures fall early Wednesday, as investors closely eye debt-ceiling talks and wait for the Fed to release the minutes from the FOMC meeting held on May 2-3. <a href="https://markets.businessinsider.com/premarket?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=Opening_bell&amp;utm_campaign=Post%20Blast%20%20:%20The%20stock%20market%20is%20going%20to%20be%20trading%20flat%20as%20long%20as%20risk-free%20assets%20offer%20much%20more%20yield&amp;utm_term=10%20THINGS%20BEFORE%20THE%20OPENING%20BELL%20SEND%20LIST">Check out the latest market moves</a>.3. Earnings on deck: Amazon, NVIDIA, and BlackRock, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. Goldman Sachs recommended 30 cheap stocks that could begin to outperform in a slowing economy. These inexpensive names have stable earnings growth and offer promise even in a downturn. <a href="https://www.businessinsider.com/investing-cheap-stocks-to-buy-economy-earnings-growth-goldman-sachs-2023-5">See the full list</a>.5. Russia's looking to India for help in avoiding a financial black list. The warring nation warned that oil and weapons deals could be at risk if it ends up on an FATF list just like North Korea, Iran, and Myanmar. <a href="https://markets.businessinsider.com/news/stocks/russia-india-fatf-black-list-oil-weapons-economic-deals-sanctions-2023-5">Full details</a>.6. Tech stocks are the only game in town right now. DataTrek Research views the red-hot sector as the most promising corner of the market, as it's gained 27% since January. <a href="https://markets.businessinsider.com/news/stocks/tech-stocks-outlook-sp500-forecast-fed-interest-rates-inflation-2023-5">If you subtract tech names, the S&amp;P 500 would only be up 2.5% in 2023</a>.7. The housing market has become so local that the price-growth gap between Miami and San Francisco is nearing 30-year highs. Compared to a year ago, homes in the Bay Area are down 10.1% in price, while those in South Florida are up 10.9%. <a href="https://markets.businessinsider.com/news/stocks/housing-market-price-gap-miami-local-california-real-estate-redfin-2023-5">Still, San Francisco's median sale price remains 2.9 times higher than Miami's.</a>8. A 27-year-old started "Airbnb arbitrage" after getting laid off during the pandemic. He explained how he got his first rental with $6,400 upfront — <a href="https://www.businessinsider.com/how-to-make-money-succeed-airbnb-rental-arbitrage-2023-5">and scaled to 25 units in less than two years</a>.9. The chief investment strategist at Citi Global Wealth laid out the top three opportunities in tech stocks being "left behind" by investors chasing the AI boom. As names in the artificial intelligence sector take center stage, it'll be easy to overlook certain parts of the market that are also set to benefit. <a href="https://www.businessinsider.com/stock-market-artificial-intelligence-investing-ideas-tech-ai-opportunities-chatgpt-2023-5">Read more</a>.<a href="https://markets.businessinsider.com/news/stocks/yelp-stock-price-report-indicates-activist-investor-calls-for-sale-2023-5"></a><div type="image" title="Yelp stock price on May 24, 2023" height="1040" width="1126" msid="100474436" hostid="261" sizebytes="33590"></div>10. Yelp stock rallied on Tuesday after an activist investor reportedly called on the board for a potential sale. TCS Capital said the company could rake in nearly double the current share price, per the Wall Street Journal. <a href="https://markets.businessinsider.com/news/stocks/yelp-stock-price-report-indicates-activist-investor-calls-for-sale-2023-5">On the news, the stock saw its biggest single-day jump since August</a>.Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Here's why the US could still be considered in default even if it keeps paying its debt

<ul><li>Despite pressure from Indian to put Pakistan on the "black list", the Financial Action Task Force (FATF) decided to keep the country on the "grey list".</li><li>Pakistan has been given until October 2019 to implement a comprehensive plan to curb terror financing. </li><li>In the wake of the Pulwama attack, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> has reportedly been pressuring the FATF to take strict action against Pakistan.</li></ul> The Financial Action Task Force (FATF), an anti-money laundering and anti-terror financing monitoring body, has decided to keep Pakistan on its “<a href="https://www.businessinsider.in/pakistan-is-still-not-doing-enough-to-curb-terror-financing-and-time-is-running-out/articleshow/65839168.cms">grey list</a>”, instead of imposing harsher curbs on it. The FATF sets standards and assesses countries’ progress in preventing money laundering and curbing terrorist organisations’ access to finance. In the wake of the Pulwama attack, India had <a href="https://www.news18.com/news/india/all-eyes-on-fatf-today-as-india-pushes-for-pakistan-to-be-blacklisted-like-north-korea-and-iran-2044657.html">reportedly been pressuring</a> the FATF to take strict action against Pakistan. This could have resulted in Pakistan being placed on the FATF’s “blacklist”, which entails sanctions and comprehensive monitoring - a fate currently restricted to only Iran and North Korea. India had said that the attack demonstrated Pakistan’s inability to curb terror financing. Jaish-e-Mohammad (JeM), a Pakistan-based terrorist outfit, <a href="https://www.businessinsider.in/jaish-e-mohammad-from-pakistan-kills-45-indian-soldiers-but-government-denies-link/articleshow/68003080.cms">claimed responsibility</a> for the attack. India has accused the government in the past of enabling the JeM to carry out its operations. While Pakistan recently reinstated a ban on<a href="https://www.business-standard.com/article/pti-stories/pakistan-bans-hafiz-saeed-led-jud-and-its-charity-wing-fif-119022101117_1.html"> Jamat-ud-Dawa</a>, an organisation founded by JeM mastermind Haifz Saeed, and its charity wing, this seems to be a case of too little too late. India, meanwhile, feels that the move is largely <a href="https://indianexpress.com/article/india/pakistan-reinstates-ban-on-mumbai-attack-mastermind-hafiz-saeeds-jud-its-front-fif-5595533/">a superficial one</a>, and is aimed at placating the international community amid the FATF review. In June 2018, Pakistan was put on the FATF’s grey list, for its failure to crack down on terror financing. Pakistan had earlier been on the watchlist from 2012 to 2015 for its inability to address the problem of money laundering. If it is unable to implement a <a href="https://www.dawn.com/news/1464517">27-point plan</a> to curb money laundering and terrorist financing activities within its borders, it is scheduled to be placed on the blacklist by October 2019. If Pakistan is put on the blacklist, it will still suffer. The country will see demand from foreign investors drop and the rating of its sovereign bonds downgraded which will make it more expensive for the country to access credit. SEE ALSO: <a href="https://www.businessinsider.in/pakistan-is-still-not-doing-enough-to-curb-terror-financing-and-time-is-running-out/articleshow/65839168.cms">Pakistan is still not doing enough to curb terror financing and time is running out</a> <a href="https://www.businessinsider.in/pm-imran-khan-warns-india-it-will-retaliate-if-attacked-following-pulwama/articleshow/68062020.cms">Pakistan PM Imran Khan says the country will retaliate if India attacks</a> <a href="https://www.businessinsider.in/jaish-e-mohammad-from-pakistan-kills-45-indian-soldiers-but-government-denies-link/articleshow/68003080.cms">Pakistan denies hand in Pulwama attack claimed by a terror outfit based there</a>

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Explained: FATF Origin, Objectives, functions and why Pakistan is in trouble

BI India Bureau

Pakistan likely to get four-month breather to fulfil FATF obligations

PTI

Pakistan's fate hangs in balance as FATF week begins, to take up 'grey list' matter on October 18

BI India Bureau

Russia pleads with India for help avoiding financial black list, warning oil and weapons deals are at risk, report says

Filip De Mott

Russia is using bags of cash and diamonds to avoid sanctions and fund its weapons program, expert says

Tom Porter

Here's why the US could still be considered in default even if it keeps paying its debt

Phil Rosen

Despite Indian efforts, Pakistan avoids being blacklisted for terror financing

Dilsher Dhillon

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