Financial Action Task Force (FATF): Grey & Black List: Criteria, Sanctions,Nations | Current Affairs

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The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim 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.
With more than 200 countries and jurisdictions committed to implementing them. The FATF has developed the 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.
Grey List
Warning to the country that it might enter the blacklist if strict actions against terrorism and money laundering are not taken
Economic sanctions from IMF, World Bank, ADB.
Problem in getting loans from IMF, World Bank, ADB & other countries.
Reduction in International trade.
Might get Internationally boycott.
Black list
Non-Cooperative Countries or Territories (NCCTs)
support terror funding and money laundering activities.
Iran & North Korea (as per March 2021) #examrace #upsc #ugcnet

[@vishnusukumaranofficial]

Informative 👍

[@techtonic2766]

Now turkey is in grey list..

[@shynessbeautyhub3762]

amazng u r mam

[@invisiblesun6595]

Heh, maybe the Philippines can get off that list if they 'black list' China and NK...