Why Pakistan is not in FATF blacklist?

Pakistan has escaped being blacklisted due to the support from China, Malaysia and Turkey. In the 39-member FATF, it requires the support of at least three countries to avoid being blacklisted for terror financing and money laundering.

Why Pakistan is in Greylist of FATF?

Why was Pakistan retained in the ‘grey list’? Pakistan was ‘grey listed’ in June 2018, after the FATF found multiple strategic anti-money laundering (AML)/combating the financing of terrorism (CFT) deficiencies on its part. It was asked to implement the action plan for achieving 10 objectives.

Is India in Greylist of FATF?

There are now 23 countries in the FATF grey list, officially referred to as “jurisdictions with strategic deficiencies”. From India’s, and most of the rest of the world’s perspective, the most important country on the list is Pakistan. Myanmar is also on the list — and now, Turkey.

Which country supported Pakistan in FATF?

“Turkey is urged to apply the risk-based approach to supervision of NPOs in line with the FATF standards,” Pleyer said. Turkey has been one of the countries supporting Pakistan, apart from China and Malaysia, thereby saving it from getting blacklisted.

Who controls money laundering in India?

The Enforcement Directorate in the Department of Revenue, Ministry of Finance, the Government of India is responsible for investigating the offences of money laundering under the PMLA.

Which country is in black list?

As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran.

Which countries are blacklisted?

As of 21 February 2020, only two countries were on the FATF blacklist: North Korea and Iran….High-risk and non-cooperative countries, not committed to an action plan:

• Bolivia.
• Cuba.
• Ethiopia.
• Ghana.
• Indonesia.
• Kenya.
• Myanmar.
• Nigeria.

Why was Turkey added to FATF?

Turkey, under President Recep Tayyip Erdogan, is seeking to evoke the memories of Ottoman times when the Turkish sultan led a great empire. For both countries, particularly for Turkey, the FATF decision is clearly galling. This led to the development of strong affinities between the two countries’ armies.

Is Pakistan in the GREY list?

Pakistan has been on the Paris-based FATF’s grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018. Moreover, three other countries are onto the FATF list: Jordan, Mali and Turkey. They have all agreed on an action plan with the FATF.

What is the punishment for money laundering?

1.6 What are the maximum penalties applicable to individuals and legal entities convicted of money laundering? The maximum penalties are fines of up to $500,000 or double the amount of property involved, whichever is greater, for each violation, and for individuals, imprisonment of up to 20 years for each violation.

What is the punishment for money laundering in Bangladesh?

(2) Any person who commits or abets or conspires to commit the offence of money laundering, shall be punished with imprisonment for a term of at least 4(four) years but not exceeding 12(twelve) years and, in addition to that, a fine equivalent to the twice of the value of the property involved in the offence or taka 10 …

Will the FATF sanctions lead to India’s policy on Pakistan?

The decision of the FATF at its review meeting in February and June 2021, on Pakistan’s listing, led by the German presidency, should shepherd the way for India’s policy on Pakistan. One economic strategy that has not been considered comprehensively thus far is the imposition of sanctions.

Why is Pakistan on FATF’s grey-list?

The Financial Action Task Force (FATF) continued to weigh in on Pakistan by retaining it on the grey-list till February 2021. Pakistan was first placed on the FATF grey-list between 2012 and 2015, and has been on it again since 2018, for supporting terror financing.

Why has Pakistan rarely been sanctioned by the UN?

Sanctions are a means of effective economic statecraft and foreign policy, used extensively by countries and multilateral institutions for imposing control on the disagreeable behaviours of some countries. Pakistan has rarely been sanctioned, despite having been under global censure—including the grey-listing by the FATF.

How can India deal with Pakistan’s Military?

India needs to develop a targeted strategy to focus on the business interests of Pakistan’s military. Identifying companies and individuals from India that do business with Pakistani entities or have a presence in Pakistan will also help. India should adopt a multipronged approach rather than impose sanctions in silos.