News Reg­u­la­tor

Banking Frontiers - - Highlights -

The Cen­tral Bank of Afghanistan has re­vealed that the coun­try has now been re­moved from the gray list, the list of coun­tries with ques­tion­able bank­ing sys­tems, by the Fi­nan­cial Ac­tion Task Force (FATF). The reg­u­la­tor said the coun­try has ful­filled all FATA con­di­tions in or­der for it to be re­moved from the list. This means, Afghanistan’s fi­nan­cial sys­tem will gain cred­i­bil­ity around the world and all banks in the coun­try will in fu­ture be able to deal with in­ter­na­tional banks in other coun­tries. Coun­tries on the gray list are faced with se­ri­ous lim­i­ta­tions in money deal­ings. Afghanistan was on the verge of be­ing black­listed by the FATF in 2014 – along­side North Korea and Iran. How­ever, FATF said it would be moved to the black­list if it did not crim­i­nal­ize money laun­der­ing, es­tab­lish a sys­tem to trace ter­ror­ist money, and track the cash flow­ing back and forth across the coun­try’s porous bor­ders.

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