Context
Pakistan won a major reprieve, as the FATF, an international watchdog on terror financing and money laundering agreed to remove Pakistan’s name from the 'grey list'.
What are the Black List and Grey List? Those are two types of lists that FATF maintains. A blacklist is given to the countries that FATF considers uncooperative tax havens. These countries are known as Non-Cooperative Countries or Territories (NCCTs). A Grey list is a warning given to the country that it might come on the Black list. But even when a country comes under a grey list it faces many problems like problems in getting loans Economic sanctions Reduction in trade. |
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