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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

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

<ul class="summary-list"><li>Sephora Grey is a lawyer who started a law school admissions business after launching a podcast.</li><li>Grey's business helps people get into law school and land jobs and has grown via TikTok.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://www.linkedin.com/in/sephoragrey/">Sephora Grey</a>, a 27-year-old lawyer and business owner in Mississippi. The following has been edited for length and clarity.My college journey started in 2015. I attended LSU in Baton Rouge for two years and then transferred to the University of Florida.I majored in political science and took out student loans to pay for college. I graduated in my third year in 2018.Six years later, I'm a <a target="_blank" class="" href="https://www.businessinsider.com/lawyer-quit-career-live-in-her-car-travel-2024-8">lawyer</a> supporting both myself and my family.<h2 id="9f6376a5-8b39-403c-92a9-62733f1ce988">I hadn't done the necessary preparation to go to law school</h2>After I graduated, I decided to work for a financial investment firm for eight months to earn money to pay down some of my student loans.While I worked, I studied and prepared for the <a target="_blank" class="" href="https://www.businessinsider.com/guides/learning/best-lsat-prep-courses">LSAT</a>, which I passed. Then, I went to Georgetown Law School. I got a hefty scholarship, which covered my living expenses, so I didn't work while I was in <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/is-law-school-worth-it">law school</a>.<h2 id="03e2d91f-7c44-4c8a-bb4d-7b01acc7caa5">I graduated from law school in May 2022</h2>I studied for and took the Washington, DC <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/new-us-bar-exam-to-launch-in-2026-1033570334">Bar exam</a> that summer. After that, I worked as a federal judicial clerk in the US District Court for the District of Maryland for a year. I then accepted a circuit court clerkship on the 5th Circuit Court of Appeals, also on the Federal Circuit, which ended in August.During my clerkships, I started a law school prep podcast. I wanted information about law school to be freely available for people like me. I interviewed female attorneys, big law partners, big law associates, and high-level government attorneys.<h2 id="c31fe211-b857-423b-9b7f-c8ddb464a498">The podcast led to starting my business</h2>I was often asked how to get into law school. That sparked the idea to start a law school admissions consulting and coaching business.I now help individuals get into law school, perform well, and get jobs after law school. I wish I had had law school mentorship in my life — there is so much I just didn't know about the process. It's a lot of who you know in the legal field.I started sharing information about law school <a target="_blank" href="https://www.tiktok.com/@toppingthecurve">on TikTok</a>, including the lessons from my podcast. People reached out, and my TikTok grew. I realized this could be a business.<h2 id="e9bf4bfa-c985-45ac-a091-86ba00e75fce">I accepted my 1st payment and made the business official in August 2022</h2>The business grew as I took steps to increase it through marketing, creating more content on TikTok, and telling my followers about <a target="_blank" href="https://toppingthecurve.com/">Topping the Curve</a>.I had a lot of success with my first round of clients — they went on to get scholarships to attend great law schools like Ohio, Boston, Georgetown, and Boston University.<h2 id="7a8bf6e4-221f-43a2-97fc-4341fee7dfec">Initially, I offered one-on-one coaching, charging $150 an hour</h2>Clients could meet with me or send documents for review. I would examine their materials in depth, line by line. In my first five months, I made $15,000.The business grew as my TikTok grew. I joined a coaching group program to help me understand marketing and scaling a business. I learned to do webinars to book more clients and build an email list, which now has over 2,000 people.I eventually dropped the $150 individual sessions and stopped editing documents. I now only offer higher-priced, longer-term packages and online courses.<h2 id="3f19e48c-e935-4b77-b687-73400e302e2b">This business has allowed me to support my family</h2>In November 2022, my parents bought a trucking business that we thought was successful but we later realized had many hidden expenses.By April 2023, the business's revenue continued to decline, from $50,000 to $60,000 a month to $10,000 to $20,000 a month. The high expenses related to equipment and insurance were also killing the business.My family originally lived in a different part of Florida and then moved to Miami for the business — so there are two houses and two sets of expenses. I live in Mississippi, where my circuit court clerkship was based.I started helping my parents and four siblings, giving them $15,000 to $20,000 monthly to compensate for the business revenue shortfall.My law school coaching business has generated over $300,000 in revenue this year, and I was paid $85,000 at my clerkship. Roughly, my clerkship income supports me, and my business income supports my family.<h2 id="f8e1ca84-7c52-4443-875a-2a04a1787aff">At first, I felt pressure to support my family as a female breadwinner</h2>I sometimes worry that my business will stop doing well and I won't be able to support my family. It can also be stressful because I still work full-time while running my business.I've grown and stepped into my role as a <a target="_blank" class="" href="https://www.businessinsider.com/female-breadwinner-supports-husband-stays-home-2024-8">female breadwinner</a>. I'm grateful that I'm in a position to help my family, and they've told me so many times they're thankful. Even though I support my family this way, I live a good life.They don't ask me for money; I send it when I have it — I'm happy to do that. My mom is still a registered nurse and works full-time.<h2 id="4081f603-8b00-4ce4-967c-f420bd0134d1">I wondered how my boyfriend would feel about me supporting my family</h2>I have a romantic partner, but we <a target="_blank" class="" href="https://www.businessinsider.com/married-couple-separate-finances-personal-experience-2024-10">keep our finances separate</a>. Since we're unmarried, we don't believe in pooling our finances until we are.I'm grateful I don't have a boyfriend who is jealous or resentful of me making this kind of money and supporting my family. I won't let anyone else dictate how I live my life.I hope my parents' business can be sold, which they're actively trying to do, as it would relieve some stress. I'm also excited about starting a new full-time role at a law firm in a few months, and I will continue my business.Ultimately, I'd like to build a full-fledged admissions consulting business with consultants under me.Are you a female breadwinner who wants to share your story? Email Lauryn Haas at lhaas@businessinsider.com.

I'm a 27-year-old who supports my parents and siblings. I worried what my partner might think, but I'm grateful to be a female breadwinner.

<ul class="summary-list"><li>The Sunday Times in London published an interview with Shonda Rhimes.</li><li>Rhimes, 54, said she had police outside her home after each "Grey's Anatomy" season finale.</li></ul>Shonda Rhimes said she had a police presence outside her home after each "Grey's Anatomy" season finale to ward off disgruntled fans.Rhimes, 54, reminisced about her time as the "Grey's Anatomy" showrunner in an interview with <a target="_blank" class="editor-rtfLink" href="https://www.thetimes.co.uk/article/shonda-rhimes-if-i-got-in-the-room-then-i-belong-in-that-room-dfr6c37cl">The Sunday Times</a> in London.The ABC medical drama debuted in March 2005 and quickly became a beloved pop-culture phenomenon. The series bolstered the careers of several A-list stars — including Ellen Pompeo and Sandra Oh — while building a dedicated fan base eager for new installments.<div type="image" title="Grey's Anatomy cast" height="1952" width="3000" msid="109294388" hostid="261"></div>Season 20 of "Grey's Anatomy" kicked off in March, but <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/shonda-rhimes-facts-2020-12#but-even-though-shes-still-most-associated-with-greys-she-hasnt-written-an-episode-since-2015-10">Rhimes stepped back</a> from writing episodes for the series in 2015. Although Rhimes remains an executive producer on "Grey's Anatomy," she <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/shonda-rhimes-moving-to-netflix-spells-bad-news-for-network-tv-2017-8">shocked fans and industry leaders</a> in 2017 when <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/shonda-rhimes-left-abc-for-netflix-after-negative-talk-exec-2020-10">she left ABC</a> — the network that produced several of her projects — for Netflix.Rhimes <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/biggest-deals-netflix-hbo-jj-abrams-shonda-rhimes-ryan-murphy-2019-11#shonda-rhimes-netflix-5">signed the deal</a> for a base salary of about $150 million, <a target="_blank" class="editor-rtfLink" href="https://www.nytimes.com/2018/07/20/business/media/shonda-rhimes-netflix-series.html">The New York Times</a> reported. Her <a target="_blank" href="https://www.businessinsider.com/shonda-rhimes-net-worth-fortune-spending-greys-anatomy-2020-9">contract with Netflix</a> was a jump from ABC, where she had a $10 million base salary. The switch-up rocked the entertainment industry, which viewed Rhimes as a lightning rod for successful and profitable content.Business Insider reported in 2017 that the shift was another sign that streaming could overtake traditional broadcast television.<div type="image" title="Shonda Rhimes and the &quot;Bridgerton&quot; cast season 3 sneak peek in February 2024." height="3293" width="5000" msid="109294389" hostid="261"></div>In the Sunday Times interview, Rhimes said the furor around "Grey's Anatomy" became so overwhelming that some fans sent death threats when they disagreed with how a season ended. As a result, Rhimes said, she had a police car stationed outside her home for a week following each season finale."They got mean," Rhimes said. "And you never knew who was going to really take offense in the wrong way."Rhimes also told the outlet she had to hire 24-hour security for her Los Angeles home."It was because people are dangerous and strange," Rhimes added.<div type="image" title="shonda rhimes" height="3840" width="5760" msid="109294390" hostid="261"></div>The outlet noted that when Rhimes burst onto the scene, she often discussed how much she enjoyed interacting with fans online. Rhimes said one of the reasons she'd stepped back from said interactions was fan behavior."Social media changed. Fans have passionate feelings, and I was always fine with that. I understand that the characters felt like their friends. They were my imaginary friends, too. That's why I was writing them. And I think people just had very strong feelings about what happened with their friends," she said. "But then it became weird."These days, Rhimes is focused on other popular series, including "Bridgerton," which debuted in 2020. Like "Grey's Anatomy," "Bridgerton" became an instant fan-favorite in 2020 and earned a spinoff series named "<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/bridgerton-king-george-illness-queen-charlotte-explains-2020-12">Queen Charlotte: A Bridgerton Story</a>" in May 2023.Season three of "<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/bridgerton-season-3-details-information-what-we-know-2022-8">Bridgerton</a>" premieres in May.

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