SRI LANKA NO LONGER IN GREY LIST;
The Paris based organisation Financial Action Task
Force(FATF) removed Sri Lanka from grey list. The island nation will will be no longer be subjected to the FATF’s
monitoring under its on-going global anti money laundering and countering the
financing of terrorism compliance process process,the Colombo gazette reported
on Saturday.
The FATF ,whose five day plenary concluded in Paris on
Friday ,said Sri Lanka made significant
progress in addressing the strategic AML/CFT deficiencies identified earlier,
the daily said. In October 2016 ,the
FATF announced that Sri Lanka will be subjected
to a review of an international cooperation Review Group(ICRG) of the
terror financing watchdog to asses the progress of AML/CFT effectiveness in the
country.
Currently Pakistan and Iran are the grey list . The FATF
warned Pakistan getting black listed if does not control terror funding by
February next year.
The effect of including the grey list is ,that country does
not get any financing support from other countries and organisations like world
bank and IMF
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