Sri Lanka removed from FATFs Grey List - Sarkari Naukri Sms

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Monday, October 21, 2019

Sri Lanka removed from FATFs Grey List

The international terror financing watchdog, Financial Action Task Force (FATF), removed Sri Lanka from the Grey List. The decision was made in the five-day plenary concluded in Paris 25 October 2019. FATF said that Sri Lanka had made significant progress in addressing the strategic AML/CFT deficiencies identified earlier. Sri Lanka will not be monitored under its on-going global anti-money laundering and countering the financing of terrorism (AML/CFT) compliance process. Sri Lanka under ICRG: In October 2016, Sri Lanka was subjected to a review of the International Cooperation Review Group (ICRG) of FATF to assess the progress of AML/CFT effectiveness in the country. ICRG reported that Sri Lanka had not made sufficient progress in four parameters, namely supervision, international cooperation, legal persons and arrangements, and targeted financial sanctions on proliferation. In October 2017, the FATF listed Sri Lanka as a jurisdiction with strategic AML/CFT deficiencies and listed it under the Grey List at its meeting in Buenos Aires, Argentina. FATF provided a time-bound action plan for the country. FATF: FATF - Financial Action Task Force FATF, an inter-governmental body, devices policy and sets standards to promote the implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system. There are 38 member countries, including the US, UK, India, Japan, China, and France, among others in FATF.

from Current Affairs 2019 for Competitive Exams Current Affairs Today The international terror financing watchdog, Financial Action Task Force (FATF), removed Sri Lanka from the Grey List. The decision was made in the five-day plenary concluded in Paris 25 October 2019. FATF said that Sri Lanka had made significant progress in addressing the strategic AML/CFT deficiencies identified earlier. Sri Lanka will not be monitored under its on-going global anti-money laundering and countering the financing of terrorism (AML/CFT) compliance process. Sri Lanka under ICRG: In October 2016, Sri Lanka was subjected to a review of the International Cooperation Review Group (ICRG) of FATF to assess the progress of AML/CFT effectiveness in the country. ICRG reported that Sri Lanka had not made sufficient progress in four parameters, namely supervision, international cooperation, legal persons and arrangements, and targeted financial sanctions on proliferation. In October 2017, the FATF listed Sri Lanka as a jurisdiction with strategic AML/CFT deficiencies and listed it under the Grey List at its meeting in Buenos Aires, Argentina. FATF provided a time-bound action plan for the country. FATF: FATF - Financial Action Task Force FATF, an inter-governmental body, devices policy and sets standards to promote the implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system. There are 38 member countries, including the US, UK, India, Japan, China, and France, among others in FATF. https://ift.tt/31ui6hu

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