Page 3 - Fatf

Govt plans unique code to identify entities involved in financial offences

The Central Economic Intelligence Bureau under the finance ministry has created a repository of about 250,000 such offenders

ED director Mishra's tenure extended due to FATF review: Centre to SC

The Centre on Monday defended in the Supreme Court the third extension of service granted to Enforcement Directorate chief Sanjay Kumar Mishra, asserting it was due to a peer review being conducted by the Financial Action Task Force (FATF) this year and said he will retire this November. A bench of Justices BR Gavai, Vikram Nath and Sanjay Karol reserved its verdict on a batch of pleas challenging the third extension given to Mishra and the amendment carried out in law extending the maximum tenure of ED director to five years. "Arguments heard. Order reserved," the bench said, as it directed the parties to file their written submissions by Friday. Solicitor General Tushar Mehta, appearing for the Centre said, "This officer is not some DGP of any state but an officer representing the country in a United Nation like body and is in the midst of something. This court must not interfere with his tenure and from November onwards, he will not be there." He said Mishra was given extension

TMS Ep391: National Sample Survey, consumer sentiments, markets, FATF

What does National Sample Survey tell us about rural India? What's behind the improvement in consumer sentiments? Is it time to bottom fish as Nifty trades below 200-DMA? What is FATF? All answer here

'Art Gate' explained: What FATF report says on 'sale of Padma Bhushan'

Union Minister Anurag Thakur, took a dig at Congress and demanded that "Priyanka Gandhi came clean on who Mr. A was mentioned in the FATF case study?"

Financial crime watchdog FATF suspends Russia's membership over Ukraine war

The FATF on Friday suspended Russia's membership for its "illegal, unprovoked and unjustified" full-scale military invasion of Ukraine, an official statement said. Russia's actions were "unacceptably run" counter to FATF's core principles that aims to promote security, safety, and integrity of the global financial system, it said. One year after Russian's illegal, unprovoked and unjustified full-scale military invasion of Ukraine, FATF reiterates its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of lives and malicious destruction caused by Russia's ongoing "brutal attack" on Ukraine, said the statement issued after the FATF plenary held in Paris. "Strongly condemning" its "war of aggression" against Ukraine, the FATF said over the past year, Russia has "intensified its inhumane and brutal attacks" targeting critical public infrastructure, the statement said. The global watchdog on terror financing said it is also deeply concerned by the reports

FATF chief, ministers of Nigeria, Ethiopia hold bilateral meet Amit Shah

Union Home Minister Amit Shah on Friday held a number of bilateral meetings, including with the Financial Action Task Force (FATF) chief, and discussed with them various issues of mutual interests such as terrorism. In his meeting with FATF chief T Raja Kumar, Shah emphasised that there is need for the FATF to continuously monitor the tendencies of some countries to sponsor terrorism. "In the bilateral meeting with FATF President, Shri T Raja Kumar, Hon'ble Home Minister Shri @AmitShah while appreciating the role of FATF, emphasised that there is need for FATF to continuously monitor the tendencies of some of the countries to sponsor terrorism," Shah's office tweeted. The FATF president lauded the initiative taken by India for hosting 'No Money For Terror (NMFT)' conference and expressed the willingness of FATF to work closely for working on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) issues under India's G-20 priorities. At the conference, Kumar also calle

Why FATF removing Pakistan from 'grey list' has miffed India so much

FATF started out with 16 developed countries as members and added 12 by 1992. It has since expanded to the current list of 39 members

FATF called for enhanced due diligence on Myanmar following blacklist: RBI

Earlier in February 2020, Democratic People's Republic of Korea (DPRK) and Iran was put on blacklist by the anti-terror financing and anti-money laundering watchdog

Rupee trade with few nations may start, internationalisation will take time

Rupee trade with few nations may start, internationalisation will take time

FATF blacklists Myanmar, calls for due diligence to transactions in nation

Money laundering and terrorist financing watchdog FATF has put Myanmar on the "black list" and has called on members to apply enhanced due diligence to business relations and transactions in Myanmar

Pak needs to take credible, verifiable action against terrorism: India

The world should remain clear that Pakistan must continue to take "credible, verifiable and irreversible" action against terrorism, India said on Friday after anti-money laundering watchdog FATF removed the neighbouring country from its 'grey list'. The Paris-based Financial Action Task Force (FATF) took off Pakistan from a list of countries under increased monitoring, also known as the 'grey list'. "It is in global interest that the world remains clear that Pakistan must continue to take credible, verifiable, irreversible and sustained action against terrorism and terrorist financing emanating from territories under its control," External Affairs Ministry spokesperson Arindam Bagchi said. He was replying to media queries on the issue. "As a result of FATF scrutiny, Pakistan has been forced to take some action against well-known terrorists, including those involved in attacks against the entire international community in Mumbai on 26/11," Bagchi said. "We understand that Pakistan

PM Shehbaz welcomes FATF's decision to remove Pakistan from its grey list

Pakistan Prime Minister Shehbaz Sharif on Friday welcomed the FATF's decision to remove his country from its grey list, describing the development as a vindication of our determined and sustained efforts over the years. The Paris-based Financial Action Task Force (FATF), the global watchdog on terror financing and money laundering, on Friday removed Pakistan from a list of countries under increased monitoring, also known as the grey list. Responding to the development, Prime Minister Sharif said Pakistan's exit from the FATF grey list was a vindication of our determined and sustained efforts over the years. The removal from the grey list is also an admission of Pakistan's sacrifices in the war against terrorism, he said. I would like to congratulate our civil and military leadership as well as all institutions whose hard work led to today's success, he said. Sharif particularly commended the role and efforts of Foreign Minister Bilawal Bhutto, Army chief Gen Qamar Javed Bajwa and

Pakistan taken off FATF's grey list for terror financing, money laundering

Pakistan has been taken off from the grey list of the FATF, the global watchdog on terror financing and money laundering, four years after the country was put in the infamous categorisation. Significantly, for the first time, the FATF put Myanmar in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list. In a statement, the Financial Action Task Force (FATF) said it welcomes Pakistan's significant progress in improving its anti-money laundering, combating financial terrorism (AML/CFT) regime. The decision was taken by the FATF in its plenary held in Paris on October 20-21. "Pakistan has strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the commitments of its action plans regarding strategic deficiencies that the FATF identified in June 2018 and June 2021, the latter of which was completed in advance of the deadlines, encompassing 34 action items in total. "Pakistan is therefore n

Pakistan may exit global terror watchdog FATF's grey list on Friday

After four years, Pakistan on Friday may exit the grey list of the global watchdog on terror financing and money laundering FATF, a development that will allow it to try to get foreign funding to tide over its precarious financial situation. Till June, Pakistan had completed most of the action items given to it 2018 by the Financial Action Task Force (FATF) and a few item which were left unfulfilled including its failure to take action against UN designated terrorists, including Jaish-e-Mohammed (JeM) chief Masood Azhar, Lashker-e-Taiba (LeT) founder Hafiz Saeed and his trusted aide and the group's 'operational commander' Zakiur Rehman Lakhvi. Azhar, Saeed and Lakhvi are most wanted terrorists in India for their involvement in numerous terrorist acts, including 26/11 Mumbai terror attacks and bombing of a CRPF bus at Pulwama in Jammu and Kashmir in 2019. Pakistan was put in the inglorious list in 2018 for its failure to check risk of money laundering, leading to corruption and terro

Pakistan minister Hina Rabbani Khar to attend at FATF meet in Paris

Pakistan's junior foreign minister Hina Rabbani Khar will attend the plenary session of the Financial Action Task Force (FATF) in Paris during which the global anti-money laundering watchdog would discuss Islamabad's efforts to exit its grey list. The first FATF Plenary under the two-year Singapore Presidency of T Raja Kumar will take place on October 20-21, according to the Paris-based watchdog. Khar, the State Minister for Foreign Affairs, has reached Paris to attend the FATF meeting which would decide whether to remove Pakistan from its grey list, the Daily Times newspaper reported. On Monday, Khar led a Pakistani team in a meeting with Jean-Louis Bourlanges, the head of the foreign affairs committee of the French National Assembly, the paper reported. The FATF's Working Group and Plenary sessions in Paris will be attended by representatives from 206 Global Network members and observer organisations including, the International Monetary Fund, the United Nations, the World Bank,

Pak may exit FATF's grey list during watchdog's Oct 20-21 plenary: report

Pakistan is likely to exit the grey list of the Financial Action Task Force (FATF) this week after it was placed in the infamous category since 2018 for failing to check money laundering and terrorist financing, a media report said on Monday. Pakistan was included in the increased monitoring list in June 2018 for deficiencies in its legal, financial, regulatory, investigations, prosecution, judicial and non-government sector to fight money laundering and combat terror financing considered serious threat to global financial system, the Dawn newspaper reported. The Paris-based global watchdog on money laundering and terrorist financing said that the first FATF Plenary under the two-year Singapore Presidency of T. Raja Kumar will take place on October 20-21. Pakistan has made high-level political commitments to address these deficiencies under a 27-point action plan. But later the number of action points was enhanced to 34. The country had since been vigorously working with FATF and i

Fast-tracking of status on cryptocurrency assets may be in works

India, like many other countries, is currently not FATF-compliant on crypto assets

Pakistan 'lacks effectiveness' on four goals linked to FATF: Report

The Asia-Pacific Group of the FATF, a global watchdog for terror financing and money laundering, has rated Pakistan's level of effectiveness as low' on 10 out of 11 international goals on anti-money laundering and combating the financing of terror, a media report said on Tuesday. Asia-Pacific Group (APF), the Sydney-based regional affiliate of the Financial Action Task Force (FATF), released an update as of September 2 on the rating of its regional members suggesting that Pakistan had a moderate level of effectiveness' on only one out of 11 outcomes, reported Dawn. Under this immediate outcome', Pakistan extends international cooperation on appropriate information, financial intelligence, and evidence and facilitates action against criminals and their assets. A 15-member joint delegation of FATF and APG paid an onsite visit to Pakistan from August 29 to September 2 to verify the country's compliance with a 34-point action plan committed with FATF at the highest level in June 2018, t

FATF team quietly completes on-site visit to Pakistan, says report

A high-level team of the global money laundering and terrorist financing watchdog FATF quietly concluded a five-day visit to Pakistan during which it held meetings with the relevant authorities and verified steps taken by the country to fulfil conditions to exit the grey list, according to a media report. The findings of the 15-member Financial Action Task Force (FATF) team would be discussed and reviewed in the next meeting of the FATF, scheduled in Paris in October. Pakistan has been on the grey list of the Paris-based FATF since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019. Since then, the country continues to be on that list due to its failure to comply with the FATF mandates. The positive outcome of the on-site team's findings would allow Pakistan to finally come clean over deficiencies in the system to curb money laundering and terror financing, The Express Tribune newspaper reporte

Asia Pacific Group removes Russia's observer status over Ukraine war

The decision to remove Russia's status was taken last month in Malaysia during the annual meeting of the APG