Pakistan Setting Rules For FATF Norms
Source : The Hindu
GS II : Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests GS II : Money-laundering and its prevention
Why in News ?
To exit from the grey list of the Financial Action Task Force (FATF) Pakistan is set to introduce new rules relating to anti-money laundering cases and change the prosecution process to meet its remaining tough conditions.
Key Facts
- Pakistan was put on the grey list by Financial Action Task Force (FATF) for money laundering and terror financing in June 2018 and the country has been struggling to come out of it.
- Changes being made include
- The transfer of investigations and prosecution of anti-money laundering (AML) cases from police, provincial anti-corruption establishments (ACEs) and other similar agencies to specialised agencies.
- Two sets of rules including the AML (Forfeited Properties Management) Rules 2021 and the AML (Referral) Rules 2021 approved by the federal Cabinet
- These rules and related notifications for certain changes in the existing schedule of Anti-Money Laundering Act 2010 (AMLA) would come into force immediately.
Asia/Pacific Group on Money Laundering
- Financial Action Task Force’s (FATF) style regional body for the Asia/Pacific region.
- It is an inter-governmental (international) organisation founded in 1997 in Bangkok, Thailand.
- The APG consists of 41 member jurisdictions and a number of observer jurisdictions and international/regional observer organisations.
- Objectives of the organization
- Assessing anti-money laundering/combating the financing of terrorism
- Supporting implementation of the international standards
- Cconducting research and analysis into money laundering and terrorist financing trends and methods.
Financial Action Task Force
- Global money laundering and terrorist financing watchdog.
- The inter-governmental body sets international standards.
- It aims to prevent these illegal activities and the harm they cause to society.
- As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
- Functions
- FATF Standards which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
- They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes.
- The FATF also works to stop funding for weapons of mass destruction.
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