FATF also retained Pakistan on its “grey list” and asked the country to address the remaining deficiencies in its financial system as soon as possible.
FATF added the United Arab Emirates to its increased monitoring list of countries with inadequate controls over terrorism financing. The watchdog also decided to appoint T. Raja Kumar of Singapore as its next president for a fixed two-year term.
In addition to further FATF scrutiny, countries on the ‘grey’ list risk reputational damage, rating adjustments, trouble obtaining global finance, and higher transaction costs, experts say. read more