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Sri Lanka removed from FATF’s Grey Listing: Report

Last updated on October 19, 2019

Sri Lanka was eliminated from the”Grey List” of this global terror funding watchdog FATF, according to a press report.

The FATF said Sri Lanka made considerable advances in addressing the tactical AML/CFT deficiencies identified before, the daily stated.

Back in October 2016, the FATF announced that Sri Lanka is going to be exposed to an overview of this International Cooperation Review Group (ICRG) of their terror funding watchdog to rate the advancement of AML/CFT efficacy in the nation.

The Paris based firm signaled Sri Lanka hadn’t made adequate improvement in four parameters — global collaboration, oversight, legal persons and agreements and targeted financial sanctions on proliferation (North Korea and Iran), the daily said.

In its meeting at Buenos Aires, Argentina in October 2017, the FATF recorded Sri Lanka as a jurisdiction with tactical AML/CFT deficiencies that is commonly recognized as”Grey List” and supplied a time-bound activity program, the report stated.

The FATF is an inter-governmental body based in 1989 to fight money laundering, terrorist financing and other relevant dangers to the integrity of the global financial system.

On Friday, the FATF warned Pakistan of becoming blacklisted, if it doesn’t control terror financing from February next year.

According to an official announcement, the FATF noted Pakistan dealt just five from the 27 tasks given to it for controlling financing to terror groups such as the Lashkar-e-Taiba, Jaish-e-Mohammad and Hizbul Mujahideen, in charge of a series of strikes in India.