Pakish News We are an interactive media group that here a purpose to update users with the latest information. Our mission is to give you knowledge not only about your surroundings. We will also update you around the Globe.
Global money laundering is turning criminal gains into lawful money or assets. Global banking institutions worry because it lets criminals hide and employ their illegal earnings in the legal economy.
FATF chief Raja Kumar said Kenya and Namibia had anti-money laundering weaknesses and had action plans to fix them.
A total of 21 nations are on the grey list.
The FATF removed the UAE, Barbados, Gibraltar, and Uganda from the grey list.
Kumar said they’ve improved anti-global money laundering and combating funding of terrorism safety systems and addressed all action areas.
The FATF decision will boost UAE’s economic, commercial, and investment strength, Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan told WAM.
Due to its Gulf position, the UAE wants to become a financial, economic, and tourist center between Asia and Europe. Due to complex financial operations involving Russian money, the FATF put it on its gray list in 2022.
More than 200 countries and jurisdictions have pledged to implement the recommendations of the FATF.
The FATF maintains a “blacklist” of nations it deems high-risk jurisdictions.
It urges countries to implement countermeasures against Iran and North Korea to safeguard against money laundering, terrorism financing, and the proliferation of weapons.
At the same time, it requests countries to apply enhanced due diligence with regard to Myanmar.
The FATF also repeated its condemnation of Russia for its invasion of Ukraine two years ago.
Russia was suspended from the group last year, and members are taking preemptive steps to defend the global financial system due to Moscow’s expanding financial ties to FATF-targeted nations.
Follow Pakishnews Business on Youtube and Facebook for insights on business, finance, and tech from Pakistan and across the world.
