Home » UPSC Current Affairs – 23-02-2019

UPSC Current Affairs – 23-02-2019

In News:
Condemning the Pulwama February 14 attack, the Financial Action Task Force (FATF), issued a stern statement to Pakistan to comply with an
action plan on terror financing or face further action, according to a decision taken at its plenary session in Paris.

FATF:
It is an inter-governmental policy making body aims to establish international standards for combating money laundering and terrorist financing.
It was established in 1989 during the G7 Summit in Paris (France) to combat the growing problem of money laundering. It comprises over 39 countries in which India is also a member FATF Secretariat is housed at the headquarters of the OECD in Paris. Initially it was only dealing with developing policies to combat money laundering. But in 2001 its purpose was expanded to act against terrorism financing. FATF releases report on Emerging Terrorist Financing Risks (ETFR)

Impact of Grey Listing to Pakistan:
It will endanger Pakistan’s handful of remaining banking links to toutside world, causing real financial pain to the economy.It will squeeze Pakistan’s economy and make it harder to meet its mounting foreign financing needs, including potential future borrowings from International Monetary Fund (IMF). Also it will lead to downgrading of Pakistan’s debt ratings by international banking and credit rating agencies, making it more difficult to tap funds from international bond markets. It will also suspend international funds and aid to Pakistan such as Coalition Support Funds (CSF), money which US owes to Pakistan for military operations.

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